The Loonie is already up 0.10% on the day. The US Dollar index soared to a fresh high of 100.761 with the euro falling to a low of 1.0757 on the back of a dovish European Central Bank. Also supportive of the US dollar, the President John Williams of the New York Fed said on Thursday that the Fed should reasonably consider raising interest rates by a half percentage point at its next meeting in May.
As for the Bank of Canada, it speeded up its tightening cycle this week, building on March’s 25 bp rate hike with a larger, 50 bp move that lifts the overnight rate to 1%.
On the Energy universe, being one of Canada’s major exports, the price of crude oil ended at around $104.15 spot a barrel as Russian oil production fell to 2020 lows. OPEC also cautioned the prior day that it would be impossible to replace potential supply losses from Russia.
Looking forward for today, the day is expected with low volatility as Canadian and EU banks will be closed in observance of Good Friday.
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