CAD Firm Ahead of Tomorrow’s BoC

Tuesday, December 4, 2018

 

The CAD is trading near the lower end of this week’s range but up solidly from the levels seen last week. News was limited to second-tier Labor Productivity which was a narrow beat coming in just ahead of the 0.4% forecast at 0.3%. WTI crude continues to trade just above the $53 level.

 

The USD facing downward pressure as optimism with regards to US/China trade talks has continued to diminish. News was absent out of the US this AM with the lone release coming later this morning with a speech from FOMC member Williams. Friday is the big day for news for the greenback with employment and earnings data being released.

 

The EUR is extending the gains that we have seen in the wake of the G20. Eurozone PPI posted a stronger than expected number coming out at 0.8% and posting a 4.9% increase this year. A convincing push through the next resistance level is necessary if we are to see further near term gains.
Equities are down across the board this morning: the Dow down 0.60%, the S&P down 0.71%, NASDAQ down 0.55% and the TSX down 0.23%. Crude Oil is up 1.00% this morning ($53.48) while Gold is also up 0.68% ($1,239.02).

 

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