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 At the Forex currency market the Canadian Dollar rate continues to grow slightly.

Forex forecast: MACD indicator is in the negative area for the pair USD/CAD and goes down, giving a pair sell signal. Stochastic Oscillator goes up today in the neutral zone, giving a pair buy signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 0.9610 the pair will go to 0.9630 and 0.9650. If the level of 0.9590 is exceeded, bears’ targets will become the levels of 0.9570 and 0.9555.

Yesterday the Bank of Canada stated that CPI in the country will start to rise, going up above expected level. At the same time value of key index of net CPI is also growing, remaining close to the target level of 2% so far.
 

Regulator expects that average annual growth of GDP will be at the level of 2.9% in Canada this year.
According to the experts from International Monetary Fund, Canadian economy will grow by 2.3% y/y this year which is less than the forecast of +2.7% y/y in October.

At the same time IMF expects that economy in Canada will rise by 2.7% in 1012. Exact data on the GDP growth in the country will be made public on 28 February, meanwhile IMF assumes that the index will be at the level of 2.9% (earlier – 3%).

In regards to the Canadian Dollar rate, IMF believes that if average oil price will remain at about $90 barrels (in October- $79 barrels), CAD will increase, with the help of support from the commodity sector of the country’s economy. Earlier  Imperial Bank of Commerce  reported on the revision of its GDP forecast for QIV 2010 to 2.6% versus the previous level of 2.3% and the Bank expects that this year economic growth will be by 2.6% (2.4 % earlier).

In general, CAD feels not bad at the moment.

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