CAD Trades in Narrow, Choppy Range

Tuesday, September 11, 2018

 

The CAD is relatively range bound but trading in a choppy band into the open today. News this morning was limited to second tier Housing Starts which reported a slight miss coming in at 201K vs. the expected 213K. Sideways trade is expected today barring any unexpected headlines or unplanned releases.
 
The USD is quiet but mixed against most of the G10 currencies. Narrow and quiet trade dominates most of the currencies this morning with little to spur any large position adjustments as of yet. Fundamentals were limited to second tier releases, all of which beat their respective forecasts. NFIB Small Business Index, Final Wholesale Inventories and JOLTS Job Openings were all beats of 0.7, 0.1% and 0.26M respectively.
 
The EUR is virtually unchanged from yesterday morning as market participants seem to be holding positions at least for now. Firm resistance is keeping the EUR from making as significant or convincing gains as we await Thursday’s ECB meeting and any possible changes.
 
Equities are mixed this morning: the Dow up 0.05%, the S&P up 0.02%, NASDAQ down 0.08% and the TSX down 0.21%. Crude Oil is up 1.61% this morning ($68.63) while Gold is down 0.33% ($1,191.96).

 

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