The CAD is trading close to the top of its recent range and seems to still be fundamentally undervalued. No news to report on this morning and fundamentals remain quiet until Wednesday’s Bank of Canada interest rate announcement. No change is expected on the rate side but we should get better insight into the overall health of the economy as well as any future moves by the central bank.
The USD is trading close to the levels that we saw to close out last week. Fundamentals are limited to second tier Consumer Credit numbers which are released early this afternoon. Tomorrow morning Fed Chair Powell speaks which should provide some basis for potential movement.
The Euro is soft and is pushing lower after a decline at the end of last week. The ECB’s Coeure has maintained a dovish outlook and reiterated the need for policy accommodation. A push lower may be possible but relatively flat trade is expected this week barring anything unexpected.
Equities are down across the board this morning: the Dow down 0.52%, the S&P down 0.48%, NASDAQ down 0.84% and the TSX down 0.43%. Crude Oil is up 0.82% this morning (57.98) while Gold is down 0.20% ($1,396.70).