[Jason_Lim]

The CAD has turned in another strong performance in the past few days and is once again the strongest performing major currency over the past five trading sessions.

While the domestic fundamental news over the past week or so has hardly been positive, the CAD has been able to shrug off a poor employment report and
flat-lining oil prices. The quantitative research suggests that the CAD is overvalued but the misalignment is relatively small at present and certainly no hindrance to further modest CAD appreciation.

Fundamental prospects may not be all that attractive at home, but they remain relatively worse abroad – the primary reason for a more positive assessment of the CAD’s prospects against the USD in the past few months. While the Bank of Canada (BoC) seems very likely to trim interest rates to near zero next Tuesday, the central bank appears in no rush at the moment to go beyond that. Domestic credit conditions remain tight, however, and the BoC is expected to outline a framework for nonconventional easing in next Thursday’s Monetary Policy Report; the framework will indicate how non-standard policy measures might work in Canada and should also provide some clues as to the circumstances under which the BoC would adopt these tactics. It is not entirely clear that any additional policy measures will seriously undermine the CAD at the moment; such policy moves may focus on credit, as opposed to “quantitative”, easing and even if it does come to “printing money” in Canada, analysts expect the overall scale to be relatively smaller than the USD300bn in quantitative easing that the Fed is currently committed to.

In short, analysts think the CAD is roughly fairly valued and relative fundamentals are perhaps less onerous for the CAD than the broader market has assumed. In fact, the latest leg up in the CAD has probably been boosted by poor market
positioning (increasingly short CAD in the past few weeks). With USD/CAD failing to drive through the recent range highs (around 1.30) in the past few weeks, the main directional risk is now towards the low end of the recent trading range around 1.1760 (at least).

[Jason_Lim]

The NZD per se is off the radar screen, as NZD trading appears to follow the fortunes of the equity market, and we get the impression that there isn’t outright strong trade affecting flow at the present. However, expectations for Friday’s inflation update, and the RBNZ cash rate review on April 30, are starting to gain traction.

There are widespread expectations for a low print for March qtr CPI, lowering annual inflation from 3.4% to below 3%. Given the current risk-taking environment, we cannot rule out that a “strong” outcome only further underpins the NZD. However, on the calculations, inflation is set to decelerate, bumping along the bottom of the RBNZ’s target band. And with the NZD trading stronger for longer, the outlook for inflation can only improve.

It is now consensus for the RBNZ to ease by 50bp on April 30. A month ago the consensus was -25bp.

[RerAronge]

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[Envidsicodo]

(CNN) -- Most conservationists would agree that you should not interfere with mother nature. But there are exceptions to every rule.

Staff and tourists at Kapani Safari Lodge in Zambia were caught by surprise when a mother and baby elephant became trapped in mud.

Saying they couldn't just "stand by and watch them slowly die," what ensued was a dramatic rescue

Together with the South Luangwa Conservation Society (SLCS) and the local wildlife authority, the team devised a plan to get the elephants out. The rest of the herd initially tried to help the screaming mother and baby escape, but they were stuck too deep.

Team managers from the conservation society slipped a rope around the baby and after a few attempts managed to pull her out of the muddy pit. The team says it took a lot of coaxing to get her out and on her feet though, adding that she "was terribly frightened and wouldn't leave her mum's side".

Getting the adult elephant out of the mud was a far more challenging task -- by the time the baby had been rescued, its mother was dehydrated and exhausted. But the SLCS team eventually pulled her out too, using a tractor and rope
Staff at Kapani Lodge say it was "heart-warming to see how many local people joined in the efforts to free the two elephants... it was the happiest possible ending."