CAD Quiet to Open the Trading Day

Thursday, August 2, 2018

 

The CAD is trading sideways to open the morning and well within the range we have seen this week. Again no fundamental releases to report on is leaving the CAD responding to the path of crude as well as overall sentiment of investors. Tomorrow’s Trade Balance numbers will be an important indicator of overall Canadian economic health.
The USD is outperforming all of its G10 peers with the exception of the JPY with most movement do to overall risk aversion. Renewed trade tensions between the US and China remain the biggest driver of flows into the North American open. News was limited with Unemployment Claims coming in at the expected 218K this week.
The EUR is weak and had extended its bearish turn to a fresh 2 week low. Technicals remain neutral and most movement has been sentiment driven. ECB rate expectations are still positive along with stabilizing yield spreads.
Equities are mostly down this morning: the Dow down 0.60%, the S&P down 0.18%, NASDAQ up 0.22% and the TSX down 0.17%. Crude Oil is up 0.96% this morning ($68.31) while Gold is down 0.13% ($1,214.37).

 

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