CAD Retraces Gains

Thursday, October 4 2018


The CAD is struggling and has retraced much of this week’s gains ahead of tomorrow’s highly anticipated employment and trade data. News out of Canada was limited to Ivey PMI which was a disappointing miss coming in well below the 62.3 forecast at 50.4.

The USD is mixed again with focus remaining on firming Fed expectations that are outpacing those of Canada at the moment. News was limited to second tier releases which have done little as far as movement or momentum swings are concerned. Tomorrow brings employment and earnings data which could be the catalyst for some substantial movement.

The EUR has recovered slightly on the day since its overnight low, but is down overall since the open yesterday. This slight bounce will have to extend through the first part of the North American session to have any chance of making convincing gains.

Equities are down across the board this morning: the Dow down 0.82%, the S&P down 0.74%, NASDAQ down 1.31% and the TSX down 0.44%. Crude Oil is down 0.96% this morning ($75.68) while Gold is up 0.55% ($1,203.95).



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