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Mark Carney, the governor of the Bank of Canada, pointed out that the rise in commodity prices isn’t just part of the economic cycle, but a significant change that has a good basis. He sees the boom in commodity prices lasting for years.

Carney also said:

One challenge for Canada, a major producer of oil, gas, grains and metals, is to rebalance trade and investment away from its top buyer, the United States.

 

Needless to say, this statement is very hawkish, and will support the Canadian dollar at the wake of the new week. This will settle worried loonie bulls that just saw Canada’s parliament dissolve and fresh elections awaiting the country in May.

For technical levels and upcoming events, see the Canadian dollar forecast.