CAD Continues to Slide to End Week

Friday, October 5 2018


The CAD has continued to slide to end the week after opening the week hitting a multi-month high. Fundamentals impressed on the surface but have done little as far as swaying the recent bearish move. Trade Balance was a healthy beat coming in at 0.5B vs. the expected -0.5B, while the Unemployment Rate was in line at 5.9%.

The USD is making broad gains into the North American open today but trading in a fairly tight range with the G10. News out of the US was mixed on the morning but most focus remains on continuing central bank policy divergence. Average Hourly Earnings was in line at 0.3% while the Unemployment Rate was slight lower than the expected 3.8% at 3.7%. The main news on the day was Non-Farm Employment Change which came in an abysmal miss at 134K vs. the forecast 185K.

The EUR is consolidating around its recent range and is fairly quiet on the day. We are seeing signs of stabilization in the EUR after its recent weakness. Fundamentals have helped with stronger than expected factory orders and PPI data out of Germany.

Equities are down across the board this morning: the Dow down 0.57%, the S&P down 0.35%, NASDAQ down 1.02% and the TSX down 0.25%. Crude Oil is up 0.51% this morning ($74.71) while Gold is also up 0.16% ($1,201.87).


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