Daily Market Update

CAD Retraces Most of Week’s Losses

Wednesday, August 16, 2017

The CAD has retraced nearly all of this week’s losses, up almost a cent since the lows seen yesterday morning.  Foreign Securities Purchases out of Canada was a massive disappointment coming in well below the 23.45B at -0.92B and a far cry from last month’s 29.44B.  Crude has made slight losses even on a large draw of 8.9M barrels now trading in the mid-$47 range.

The USD is mixed and underperforming a number of its G10 peers.  News disappointed today with both Building Permits and Housing Starts missing their marks.  Building Permits missed the 1.25M forecast coming in at 1.22M while Housing Starts came in at 1.16M compared with the expected 1.22M.

The EUR is weak, underperforming all of the G10 currencies and trading down over 0.3% against the USD.  Focus is remaining on ECB President Draghi and his upcoming speech in Jackson Hole.  Eurozone Flash GDP came out in line with estimates at 0.6%

Equities are up across the board this morning: the Dow up 0.26%, the S&P up 0.30%, NASDAQ up 0.32% and the TSX up 0.45%.  Crude Oil is down 0.65% this morning ($47.24) while Gold is up 0.18% ($1,273.78).

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.

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