{"id":25832,"date":"2015-01-01T15:51:13","date_gmt":"2015-01-01T23:51:13","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=25832"},"modified":"2015-01-01T15:51:13","modified_gmt":"2015-01-01T23:51:13","slug":"the-bank-of-canada-confirms-a-potentially-important-turning-point","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2015\/01\/01\/the-bank-of-canada-confirms-a-potentially-important-turning-point\/","title":{"rendered":"The Bank of Canada Confirms A Potentially Important Turning Point"},"content":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on December 4, 2014. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

The Bank of Canada once again left its overnight target interest rate at 1% in its latest monetary policy decision<\/a>. An important change this time around came in the form of the economic outlook:<\/p>\n

{snip}<\/p>\n

The continued strength in the U.S. economy is benefiting Canadian exporters and allowing Canada to overlook economic weakness elsewhere across the globe. On balance, the Bank of Canada is recognizing a potentially important and notable juncture in the economic outlook for Canada. Even though plunging oil and other commodity prices will be a drag on Canadian performance for some time, I do not think this dynamic is a sufficient reason to stay bearish on the Canadian dollar (FXC), especially when this sector was able to deliver significant upside to last month’s GDP numbers<\/a>. {snip}<\/p>\n

The time to buy the Canadian dollar is not when it appears “safe” because all of Canada’s economic cylinders are firing in full throttle. {snip}<\/p>\n

The volatility and noise in the oil patch and the overwhelming rush of the U.S. dollar (UUP) should continue to drown out the longer-term bullish signs for the Canadian dollar. {snip}<\/p>\n


\n
\"CurrencyShares<\/a>
CurrencyShares Canadian Dollar ETF (FXC) successfully holds its 2014 and multi-year low. Is this enough to start enough momentum to break the current downward momentum?<\/figcaption><\/figure>
\nSource: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long the Canadian dollar<\/p>\n

(This is an excerpt from an article I originally published on Seeking Alpha on December 4, 2014. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on December 4, 2014. Click here to read the entire piece.) The Bank of Canada once again left its overnight target interest rate at 1% in its latest monetary policy decision. An important change this time around came in the form of … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[235,59,20],"tags":[236,297,115,469],"class_list":["post-25832","post","type-post","status-publish","format-standard","hentry","category-canada","category-economy","category-forex","tag-bank-of-canada","tag-fxc","tag-monetary-policy","tag-usdcad"],"yoast_head":"\nThe Bank of Canada Confirms A Potentially Important Turning Point - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/01\/01\/the-bank-of-canada-confirms-a-potentially-important-turning-point\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bank of Canada Confirms A Potentially Important Turning Point - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on December 4, 2014. 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