The Canadian dollar is not to be envied

The Canadian dollar is still far away to the scale of the crash of the euro, but the six year minimum paired with the USD is still an unordinary event. 

For the last 12 months the foreign exchange market "spoiled" us with peaks in the graphs, and long-term multi-month lows and highs, so much so that the six year low of the Canadian dollar is not considered that big of an event. But the movement in the USD/CAD pair is noteworthy. 
 
Canada is a net exporter of oil, and all that will be given in the figures below, is directly related to the situation in the commodities market and the balance of power in the near future. 
 
Earlier Statistics were released, according to which sales in the manufacturing sector in November fell by 1.4% m/m, with a "drawdown" recorded in 14 branches of 21. This, in turn is the "lion's" share of total sales. Constant prices have also reduced. 
 
This week the IMF announced revised downward estimates for GDP growth in the coming year in Canada - forecast lowered to 2.3% from 2.4%. Expectations for 2016 also deteriorated to 2.1% (-0.3%). Objectively speaking, it is unlikely that Canada’s economy will be able to expand this year by more than 1.9%. 
 
Today, a regular meeting of the Bank of Canada will be held. The interest rate now stands at 1% per annum and is likely to remain the same. The rhetoric of the Central Bank is very soft, and tightening the monetary policy on the background of falling commodity prices is inefficient. A number of experts, by the way, do not expect growth in the rate in the near future, but even expect a fall, if the price of "black gold" will continue to look for a new "bottom". 
 
This week the inflation report on Canada will come out. Taken together, all of the above and the scheduled actions are playing fundamentally against the Canadian dollar. A growing trend in the USD/CAD pair still remains in force. All the attention is on the meeting of the Bank of Canada. 

RoboForex Analytical Department