CAD Slides to Start Trading Week

Monday, October 16, 2017

Good morning,

The CAD is underperforming and down over half a cent compared with last week’s close.  News was relatively light with Foreign Securities Purchases coming in a massive miss at 9.85B compared with the expected 20.05B.  News is fairly quiet now until Wednesday’s Manufacturing Sales numbers.

The USD is showing strength against most major currencies following comments from Fed Chair Yellen over the weekend.  Empire State Manufacturing Index was the lone release out of the US on the day coming in well ahead of the 20.3 forecast at 30.2.

The EUR has tapered off and has been trading lower since the sharp gains seen last Friday morning.  Trade out of the Eurozone showed a surplus slightly higher than analysts expected but has done little as far as spot prices.  The ECB is reportedly discussing how to manage the current QE program into 2018.

Equities are up across the board this morning: the Dow up 0.12%, the S&P up 0.08%, the NASDAQ up 0.23% and the TSX up 0.24%.  Crude Oil is up 1.05% this morning ($51.99) while Gold is also up 0.01% ($1,303.98).

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