The CAD is largely unchanged in a low volume trading day. With no domestic data releases and US markets closed in observance of Independence Day, there is little to drive sentiment one way or another. Next week will be light for Canadian data with the business outlook survey on Monday and employment numbers Friday.

Despite a pro risk mood in international markets, the CAD is struggling to make meaningful gains. Monthly trade balance data was better than expected (-0.7B vs. a-3.0B est) and benchmark oil prices are rallying. The lack of movement may be explained by US jobs data overshadowing or thin trading coming off the July 1 Canada day holiday. 

The CAD is continuing to trade in a relatively tight range today just above the midpoint of the week thus far. Fundamentals today beat expectations but were still abysmal on the morning. GDP numbers posted a -11.6% print, which was slightly better than the expected -12.5% but very concerning nonetheless.

The CAD is holding onto the soft undertone that we saw at the end of last week and is trading on defensively to open the trading day. News was mixed but limited to second tier releases today. Building Permits posted an impressive beat reporting at 20.2% vs. the expected 10.3%. Both IPPI and RMPI numbers missed their respective forecasts by 1.5% and 13.3%.                  

The CAD is struggling in an overall risk-off market sentiment as Covid fears around economies are resurfacing. No fundamentals again leaves the Loonie trading in line with overall market mood as well as crude prices.

The CAD fell through the day yesterday and has consolidated most of its losses trading near the lowest point of the week. Again no fundamentals out of Canada today is leaving the Loonie trading on an overall risk-off mood which has put downward pressure on it. No scheduled news remains for the remainder of the week.

The CAD has fallen about half a cent and it following the drop in crude prices however trading within this week’s range. Fundamentals out of Canada were again non-existent as the Loonie is likely to trade in line with overall risk appetite as well as commodity prices. Aluminum tariffs on Canadian product into the US set to me announced later this week may put added downward pressure on the CAD.

The CAD has furthered its gains on the back of broad based USD weakness with encouraging numbers out of economies pointing towards further recovery. No fundamentals to report on domestically will leave the Loonie likely to trade with overall market trends and sentiment. Yesterday’s speech from BoC Governor Macklem failed to provide any further insight to the future path of the central bank.

The CAD has made solid gains this morning of over half a cent as it benefits from an overall positive market mood. News is light on the fundamental side today and for the remainder of the week with the lone point today coming in the form of a speech from BoC Governor Macklem. We should see the Loonie trade in line with the broader market tone as well as any outside developments.               

The CAD relatively quiet this morning and trading well within this week’s range. Fundamentals today disappointed but this was likely expected and already priced in.  Core Retail Sales posted a massive drop coming in at -22.0% vs. the expected -12.7%. Retail Sales also missed the mark at -26.4% compared to the forecast of -15.0%.