CAD Trades Near Bottom of Recent Range

Thursday, June 21, 2018

 

The CAD continued to struggle overnight but has since made a slight retracement on yesterday’s losses. Fundamental news was limited to second tier releases which disappointed overall. ADP Non-Farm Employment Change reported 2.9K jobs, a far cry from last month’s build of 15.1K. Wholesale Sales numbers were also a miss coming in below the 0.4% forecast at 0.1%.

 
The USD is well supported with ongoing trade tensions as well as overall flows building momentum for the greenback. News was mixed with Philly Fed Manufacturing Index coming in a heavy miss of its 28.9 forecast at 19.9. While Unemployment Claims were a narrow beat reporting at 218K vs. the expected 220K.

 
The EUR has found come support at its current level and has seen slight gains after ECB member Weidmann eluded to inflation getting close to its target. Normalization for the Eurozone will likely be a multi-year endeavor but with inflation and overall economic data coming in strong, the process is sure to begin next year.

 
Equities are down across the board this morning: the Dow down 0.68%, the S&P down 0.45%, NASDAQ down 0.61% and the TSX down 0.35%. Crude Oil is up 0.01% this morning ($65.71) while Gold is also up 0.03% ($1,268.20).

 

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