FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

Wednesday, March 13, 2019

CAD Continues to Recover on Poor US Fundamentals

The CAD is continuing to extend its recovery into the open this morning up well over a full cent now this week. Domestic news was absent today but Crude Oil Inventories did see a surprise drop of 3.9M barrels with the expectation of a 2.7M barrel build. WTI is now trading just below the $58 level.
 
The USD is mixed this morning as many market participants are looking to the second round of Brexit voting. Fundamentals out of the US disappointed today with most data points missing their respective marks. Core Durable Goods Orders as well as PPI and Core PPI missed their forecasts by 0.2%, 0.1% and 0.1% respectively. While Durable Goods Orders was the lone beat on the morning coming in ahead of the -0.5% forecast at 0.4%.
 
The Euro is well supported and retracing most of last week’s ECB driven weakness. Risk-off position adjustments may support the EUR through its next resistance level should today’s Brexit vote take the movement off the table. Fundamentally industrial production throughout the Eurozone rose above the 1.0% forecast to 1.4%.
 
Equities are up across the board this morning: the Dow up 0.66%, the S&P up 0.73%, NASDAQ up 0.87% and the TSX up 0.11%. Crude Oil is up 1.95% this morning ($57.98) while Gold is also up 0.43% ($1,307.15).

 

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