CAD Flat to Open Quiet Week

Monday, November 5, 2018

 

The CAD has made slight gains today but is overall still on the defensive. Fundamentals were absent today other than a speech from Bank of Canada Governor Poloz earlier today. News is very quiet out of Canada this week with only second tier releases in the coming days.

 
The USD is firm and up against most of the G10 currencies to open the week. Many investors are eyeing tomorrow’s midterm election and holding any positions for the time being. News was light out of the US with only ISM Non-Manufacturing PMI coming out ahead of the 59.3 forecast at 60.3.

 
The EUR is soft and trading at the lower end of its recent range on reports that the ECB may be considering a new long-term lending program. Eurozone Sentix Investor Confidence fell to a 2-year low this morning which points to trade concerns. The ECB is still expected to begin a roll-back of asset purchases next month.

 
Equities are mostly up this morning: the Dow up 0.56%, the S&P up 0.21%, NASDAQ down 0.73% and the TSX up 0.49%. Crude Oil is up 1.01% this morning ($63.78) while Gold is down 0.19% ($1,230.55).

 

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