CAD Makes Slight Recovery

Friday, September 7 2018

 

The CAD has gained some ground from its fall earlier this week. Comments yesterday from BoC Senior Deputy Wilkins were overall hawkish and caused a sudden spike in the CAD. Fundamentals today posted abysmal results as the Employment Change reported a 51.6K loss vs. the expected 5.1K gain. The Unemployment Rate also grew to 6.0% against the expected 5.9%.
 
The USD is narrowly mixed against the G10’s this morning and trading mostly sideways. News was mixed overall and has done little to curb the quiet trade thus far. Average Hourly Earnings were up to 0.4% vs. the forecast 0.2%, while Non-Farm Employment Change also grew 201K compared to the expected 191K. The Unemployment Rate was the lone miss on the day posting a narrow miss of 0.1%.
 
The EUR is virtually flat over the past 24 hours with any dips finding good support. Range trading is expected with a positive bias expected at least in the near term.
 
Equities are mixed this morning: the Dow down 0.10%, the S&P up 0.09%, NASDAQ up 0.43% and the TSX down 0.44%. Crude Oil is down 0.91% this morning ($67.15) while Gold is also down 0.07% ($1,204.40).

 

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