CAD Quiet to Open Trading Day

Thursday, October 19, 2017

Good morning,

The CAD is relatively quiet after retracing some of yesterday’s gains.  No news again to report on before tomorrow’s slew of releases in the AM.  Crude has fallen slightly from the highs seen yesterday and has now settled in the mid $51 range.

The USD started the morning mixed against most of the G10 currencies but has since found its footing on the back of some encouraging fundamentals.  Unemployment Claims were a massive beat coming in well below the 240K forecast at 222K.  This is the lowest number of initial jobless claims reported since the early 1970’s.  Philly Fed Manufacturing Index was also a healthy beat coming in at 27.9 vs. the expected 21.9.

The EUR is holding its own into the North American open even with heightened Catalonia risk as well as increasing spreads.  Should the EUR push through the top of its recent range, we should see a fairly solid run-up in the near term.

Equities are mostly down this morning: the Dow down 0.32%, the S&P down 0.32%, the NASDAQ down 0.69% and the TSX up 0.10%.  Crude Oil is down 0.81% this morning ($51.62) while Gold is up 0.66% ($1,289.59).

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