CAD Tumbles on Negative BoC Report

Wednesday, December 5, 2018


The CAD is collapsing after the Bank of Canada rate announcement and economic report this morning. The central bank held rates steady as expected, but it was the report that sent the Loonie tumbling over a cent. Future rate hikes are in question after Governor Poloz highlighted Canadian energy concerns as well as business investment throughout Canada.


The USD is mixed today with markets closed for the President Bush Memorial Day. Trade is expected to be light on the USD side of things with the BoC announcement dominating most of today’s movement.


The EUR is climbing again on the back of Eurozone PMI’s as well as improving reports out of Spain. Rumours are begin to develop that the ECB may introduce a new lending program over the next few months as the current program comes to an end.


Equities are mostly down this morning: the Dow down 3.10%, the S&P down 3.24%, NASDAQ down 3.80% and the TSX up 1.00%. Crude Oil is up 1.03% this morning ($53.80) while Gold is down 0.15% ($1,236.68).


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