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CAD world economy slowing down

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Wednesday, 27 August 2008

The CAD has been particularly strong over the last two weeks. Although with the world economy slowing down it is reasonable to think that the demand for commodities will also slow down. As a result of this, commodity sensitive currencies such as the Canadian Dollar are particularly vulnerable.

Inflation rose further above the BoC’s 1-3% target, but in line with expectations. This should concern the BoC, however they will take comfort from the fact the core inflation, which stripes away volatile items like gasoline and food, will remain unchanged.

Also recent data has shown, the once seemingly immune economy has recently joined the long list of economies that have been hit by the mortgage crisis.

With little significant data out in Canada until Friday with the Canadian Gross Domestic Product for June, any movements are likely to come off the back of offshore events.

In the medium term, we expect the CAD to be trading between1.925 and 1.98

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