CAD Retreats Slightly After Touching Fresh High

Friday, September 8, 2017

Good morning,

The CAD is showing strength but has slipped slightly after touching fresh highs earlier this morning.  Fundamentals were impressive coming out of Canada which has further bolstered the CAD’s recent run.  Employment Change was a healthy beat reporting at 22.2K vs. the expected 17.8K while Unemployment Rate came in at 6.2% against the forecast 6.3%.

The USD is struggling with a decrease in Fed expectations, weather and faltering growth weighing as of late.  Fundamental news was limited to second tier Final Wholesale Inventories which came out in line with the 85.0% forecast.   The EUR is still showing considerable strength touching a new near term high through the Asian session.  Further strength is still expected with yesterday’s comments from ECB President Draghi doing little to block the recent surge.  Focus is now on possible upcoming tapering by the ECB as well as the worsening Fed outlook.

Equities are mostly down this morning: the Dow up 0.27%, the S&P down 0.05%, the NASDAQ down 0.10% and the TSX down 0.19%.  Crude Oil is down 1.87% this morning ($48.17) while Gold is also down 0.33% ($1,344.82).

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Written by Blog Admin