Foreign Exchange Daily Market Update
CAD Retraces Some of the Week’s Losses
Wednesday, April 26, 2017
The CAD has retraced some of yesterday’s substantial losses up over half a cent from the lows we saw Tuesday. News was mixed out of Canada with Core Retail Sales coming in just ahead of the -0.2% forecast at -0.1% while Retail Sales were a massive miss reporting at -0.6% vs. the expected 0.0%.
The USD has given up much of its Trump fueled gains after starting the morning climbing against most of the G10 currencies. News was fairly light with only Crude Oil Inventories being released this AM. There was a 3.6M barrel draw, much more than the 1.1M barrel draw that was expected.
The EUR is weak and has fallen about 0.3% from yesterday’s close. All eyes seem to be on tomorrow’s ECB meeting with fundamental releases lacking. No policy changes are expected with the current program to continue as is.
Equities are up across the board this morning: the Dow up 0.17%, the S&P up 0.21%, NASDAQ up 0.06% and the TSX up 0.02%. Crude Oil is up 0.50% this morning ($49.81) while Gold is down 0.05% ($1,263.54).
For great rates and full security on your funds, please contact your nearest Olympia Trust Company Foreign Exchange office so we can assist you with your FX requirements whether it be spot trades, market orders, or forward contracts for risk management.
To sign up and receive our daily market update, please complete the form below.