Tuesday, November 20, 2018
The CAD has tumbled and is down over a full cent from yesterday’s range. Sentiment as well as a collapse in the US stock market are the main factors for this sudden and unexpected move. Oil has consolidated and continues to trade in the mid-$56 range.
The USD is strong and has surge over a cent in early trading today as the US stock market has erased virtually all of its 2018 gains. Fundamentals were in line with their respective forecasts with Building Permits reporting at 1.26M and Housing Starts reporting at 1.23M.
The EUR has softened from the 2 week high that we saw during yesterday’s trading day but is overall in the same relative range. Near term weakness is expected as the EUR failed to improve convincingly through the European session.
Equities are down across the board this morning: the Dow down 1.85%, the S&P down 1.90%, NASDAQ down 1.54% and the TSX down 1.66%. Crude Oil is down 3.35% this morning ($56.64) while Gold is also down 0.24% ($1,221.22).
To speak with a Foreign Exchange Specialist, or to get a free, no obligation quote on your foreign currency needs call 1.866.752.7135.