CAD Makes Strides to Begin Month

Thursday, November 1, 2018

 

The CAD is strong and has made solid gains into the North American open today, up almost a full cent since yesterday’s lows. No news out of Canada is pointing to this move likely attributed to profit taking from investors. Tomorrow’s employment data will be important for the CAD’s momentum ahead of next week’s Fed meeting.

 
The USD is down against most of the G10 currencies ahead of tomorrow’s employment numbers. News was mixed with a slew of second tier data point being released this morning. First tier ISM Manufacturing PMI was the lone disappointment coming in well below the 59.0 at 57.7.

 
The EUR is recovering and has made solid gains over the past 24 hours. Today is a German and Italian bank holiday which hasn’t done much to curb the EUR’s momentum. PMI numbers from Britain were disappointing missing the 53.0 mark at 51.1.

 
Equities are up across the board this morning: the Dow up 0.61%, the S&P up 0.55%, NASDAQ up 0.64% and the TSX up 0.68%. Crude Oil is down 0.24% this morning ($65.15) while Gold is up 1.47% ($1,232.63).

 

 

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