CAD Continues to Trade Sideways Ahead of Fed

Thursday, November 8, 2018

 

The CAD has had an uneventful morning thus far and is trading right where we closed the day yesterday. News was limited to second tier releases that came out mixed and did little as far as movement goes. Housing Starts were a narrow beat coming in at 206K vs. the 199K forecast, while NHPI was down from the 0.1% expectation at 0.0%.

 
The USD is trading slightly firmer on the morning but is relatively quiet ahead of the Fed announcement later today. No change is expected in the Federal Funds Rate but an insight into further moves by the central bank is expected in the statement following the announcement.

 
The EUR is soft and falling after yesterday’s slight rally with the market seemingly unwilling to extend the recent gains. The European Commission lowered its growth forecast for 2019 to 1.9% as concerns over global trade continue to weigh on the Eurozone.

 
Equities are mixed this morning: the Dow up 0.06%, the S&P down 0.13%, NASDAQ down 0.40% and the TSX up 0.03%. Crude Oil is down 0.88% this morning ($61.13) while Gold is also down 0.14% ($1,224.74).

 

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