CAD Retraces Early Morning Gains

Wednesday, July 25, 2018

The CAD started the morning surging over half a cent from yesterday’s range. We have since seen a retracement in response to discussion of further tariffs from President Trump. No news out of Canada today is leaving movement to the broader tone of the market as well as headlines about NAFTA and other trade talks.


The USD overall is trading lower on the day against most of the G10 currencies. Fundamentals were limited to second tier New Home Sales which disappointed coming in well below the 669K forecast at 631K. Crude Oil Inventories showed a draw of 6.1M barrels compared to the draw of 2.6M barrels expected by analysts.


The EUR continues to trade at its recent levels remaining well supported even with bearish spreads and technicals. Focus will be on EC President Juncker’s meeting with President Trump and the results of their discussions. It is expected that the EUR will continue to trade sideways in a relatively narrow band.


Equities are mostly down this morning: the Dow down 0.30%, the S&P down 0.05%, NASDAQ up 0.27% and the TSX down 0.11%. Crude Oil is up 0.18% this morning ($68.64) while Gold is also up 0.26% ($1,237.80).


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