CAD Retreats from Week’s High

Friday, September 14, 2018

 

The CAD is under pressure even on a morning absent of any material releases or headlines. Progress on any NAFTA deal has seemingly stalled but most still feel that a deal will get done in the medium term. Next week is also a quiet one for CAD with regards to fundamental releases.

 
The USD is started the morning on a soft note but has since regained its footing with a slew of news being released today. Core Retail Sales and Retail Sales both missed their marks by 0.2% and 0.3% respectively. While Prelim UoM Consumer Sentiment was a healthy beat coming in ahead of the 96.7 forecast at 100.8.

 
The EUR has found support at its current levels ignoring widening yield differentials with the USD. Yesterday’s press conference from ECB President Draghi portrayed confidence that core inflation would see a significant rise into 2019.

 
Equities are up across the board this morning: the Dow up 0.18%, the S&P up 0.04%, NASDAQ up 0.25% and the TSX up 0.06%. Crude Oil is down 0.34% this morning ($68.36) while Gold is also down 0.37% ($1,197.06).

 

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