Mario Draghi did not disappoint today when the ECB announced a QE programme to buy 60 Billion Euro in assets per month until September 2016 . The asset purchases will cover both private and public sector bonds and will begin in March 2015. European focus will now turn to the Greek election on Sunday.

After the surprise move by the Bank of Canada to cut its overnight benchmark interest rate yesterday the Canadian dollar is still trading near 6 year lows  and given the outlook for energy prices and the likely path of monetary policy in the US , further weakness can be expected.

USD/CAD currently 1.2360 (H) 1.2389 (L) 1.2314