Bank of Canada Backpeddling

[errolanderson]

BANK OF CANADA BACKPEDDLING: The BOC left Oct rates unchanged this morning with a very cautious tone on Cdn economy ahead. In our view, the BOC may have to actually reverse their recent rate hikes over the next few months. This bizarre activity by the BOC is now triggering significant downward pressure on the Cdn dollar. ProMarket Wire, Calgary

[farming101]

Blew through .7834.
Support at .7811
Failing that .7770

[errolanderson]

Bank of Canada appears to have definitely blinked . . . . Is our Fed gov't and BOC now on the same page?

[Agvocate]

Bank of Canada appears to have definitely blinked . . . . Is our Fed gov't and BOC now on the same page?

Head and Shoulders pattern forming in the CAD. Closing at current levels would open the downside up to sub 75 cents.

[Klause]

Shit is getting real
This may have been the trigger

[ajl]

BANK OF CANADA BACKPEDDLING: The BOC left Oct rates unchanged this morning with a very cautious tone on Cdn economy ahead. In our view, the BOC may have to actually reverse their recent rate hikes over the next few months. This bizarre activity by the BOC is now triggering significant downward pressure on the Cdn dollar. ProMarket Wire, Calgary

B of C had to raise rates otherwise they would have had to build more printing presses. That is why they upped in September while there still existed a few believers in Canuckistans 3.7% growth rate before the bad news reality became obvious. If they can't raise rates the B of C will have to do QE. Last time the FED did it for them. This will finish the job of wiping out savings and pension funds and any value in the loonie.

[Rareearth]

Target is .60

[Kinger]

Giving some nice support to canola.

Low dollar and rising values in palm oil and bean oil are helping it along nicely.

Elevator basis is widening a bit due to lack of demand at the coast for canola.

Not sure if i'm still right thinking canola will drop below $500 but we'll see what happens. Next USDA report that comes out will be the deciding factor.

Or i'm wrong. 50/50

[ajl]

I don't understand why everyone thinks that having a worthless currency is the key to prosperity. Drop the dollar more. Why not have a loonie worth 0.01 US? Looks like we may find out what a 0.01 dollar does.

[Rareearth]

Aj you need a holiday, usa or Europe
It’s one way a country can be competitive on exports. But if you want a holiday or flip the jd line of equipment outch