SubscribeDaily Futures Commentary July 14, 2009
Tuesday, July 14, 2009
September Canadian Dollar
September Canadian Dollars are expected to open higher based on a stronger overnight trade. Risk is coming back into this market as investors are feeling confident once again in holding higher-risk, higher-yielding assets.
Yesterday’s rise in stocks along with a friendly Bank of Canada quarterly report helped the September Canadian Dollar recover from its lowest level since May. A shift in sentiment triggered a reversal in this currency on Monday. This market had been dropping for about six weeks on concerns over the deteriorating global economy.
The Business Outlook survey from the Bank of Canada showed that business executives felt their sales would grow over the next year. In the survey, 61% of executives surveyed felt their sales would grow while only 23% were looking for a decline. The gap between the two figures suggests that sentiment in the business community may be shifting.
This news may be what this currency needs to put in a bottom, but improvements in the equity markets and crude oil are going to be necessary to help turn the current down …
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