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CAD down slightly on broad USD strength and softer oil prices.
As there has been for economic data releases out of Canada over the last week, the Loonie is primarily being driven the broader USD movement, and oil prices. Geopolitics seem to be the current driver of oil, with progress towards an Iranian nuclear deal, the escalation in the Yemen conflict and Nigeria upcoming elections, all playing a part. Economic releases out of the US today included Core PCE Price Index m/m, which came in on… Read more
The trend is continuing toward a stronger CAD this week.
The USD has opened weak against most of the major currencies with the exception of the GBP. The GBP is has faced softer than expected inflation numbers which are holding the pound down. However, the broader outlook at hand has been the postponing to Fed interest rate hikes, combined with hints of a stronger European recovery. With the markets watching closely, the USD is retracing some of its most recent gains. There was no economic… Read more
USD shows weakness against Loonie
Good morning, No news out of Canada this morning has the loonie looking for a catalyst to break out of its recent range. CAD has gained about half a cent on the USD since the open this morning and over 3 cents since its low last week. Oil has rallied slightly and paired with some weak news from the US are the main drivers for CAD strength. News is light out of Canada this week… Read more
CAD closing the week on a high pushed by stronger oil prices.
Good morning, After a couple of very volatile days, the Canadian dollar has gained back some strength and looks like it will close out the week on a high, with the push coming from oil moving back into the mid $45’s. Economic releases today out of Canada included CPI and Retail Sales. Both Core Retail Sales and Retail Sales came in much lower than expected, by over a full percent. Core CPI came in as… Read more
USD dollar normalizing after a volatile reaction to FED interest rate meeting.
Coming off of a very volatile day yesterday, with the reaction to the FED interest rate announcement and FOMC statement, the USD has now gained back a fair portion of what was lost yesterday. The FED announcements provided for considerable USD weakness, as the market reacted to adjustments in the normalization path, specifically a material reduction in the fed funds rate expectations of FOMC participants. The tightening bias remains in place, but to a lesser… Read more