CAD Falls Again Post BoC

Thursday, March 8 ,2018

The CAD is weakening again and looks to push closer to its week’s low. News was mixed today with the overall sentiment dominating any market movement. Building Permits was a nice beat coming in well above the -0.3% forecast at 5.6%. While NHPI was a slight miss reporting just under the 0.1% expected by analysts at a flat 0.0%.

The USD is showing modest strength today against most ahead of the apparent US tariffs to be signed later this morning. News was light with only Unemployment Clams coming in above the 220K forecast at 231K. Tomorrow is a big day for US employment data which should dominate the AM news.

The EUR is down slightly and trading softer in the post ECB market environment. The economic forecasts brought forth by the ECB were largely unchanged from the last meeting, however the European Central Bank did drop their prior pledge to increase their bond buying if further stimulus was needed.

Equities are up across the board this morning: the Dow up 0.11%, the S&P up 0.06%, the NASDAQ up 0.16% and the TSX up 0.23%. Crude Oil is down 1.31% this morning ($60.35) while Gold is also down 0.40% ($1,320.31).

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