The CAD is trading within the range that we saw throughout the past couple of days after giving up some of the overnight gains. News today beat expectations but also showed worrying signs of economic contraction. GDP numbers were better than the expected -9.0% but still showed a decrease of 7.2%. RMPI numbers were also negative posting at -13.4% vs. the expected -23.9%. The lone miss on the morning was second tier IPPI coming in at -2.3% compared to -2.0%.

The CAD has consolidated yesterday’s gains after showing a slight drop earlier this morning. The overnight session saw the Loonie trading at the best level against the USD in over 2 months but it has since given up about half a cent. No fundamental releases out of Canada are scheduled for today and second tier Current Account is the lone data point for tomorrow.

The CAD is surging and is up over 2 cents today as market mood continues to improve throughout economies. News today was limited to a speech from Governor Poloz which pointed to more stimulus from the central bank coming to help the struggling economy.

Derivatives in their most basic form have been documented as far back as Antiquity. Traces of their use can be dated to 600 BC, but are most commonly assumed to have had their first commercial application during the Roman Era (27 BC – 476 AD).

The CAD is solid and outperforming many of the G10 currencies to open the week but is range bound close to the level we saw at the end of last Friday. News today is limited to a speech from Bank of Canada Governor Poloz later this morning. Fundamentals today are quiet this week with the first major release coming in Friday’s GDP data.

The CAD fallen and pushed below the range that we have seen so far this week on both renewed risk aversion throughout markets as well as slightly softer crude pricing. News today was better than expected but still negative with Core Retail Sales posting at -0.4% vs. -4.8% and Retail Sales coming in at -10.0% vs. -10.3%           

The CAD has lost some ground into the North American open but nothing substantial as we have seen a relatively narrow trading range.  News was limited but were concerning with Canada posting a loss of 226,600 jobs in April.  NHPI numbers reported at 0.0% vs. the expected -0.1%.           

Today is the 100^th trading day (TD) of 2020, so I thought I would run numbers to give perspective on seasonal tendencies for the balance of the year based on an historical back test.

The CAD is still trading steady and in line with the mid-point that we have seen this week.  First tier fundamentals disappointed today with CPI numbers missing the -0.6% forecast reporting at -0.7%.  This marks the first time that inflation has fallen below zero in Canada since 2009.  The lone bright spot on the morning was second tier Wholesale Sales data which came in ahead of the expected -4.5% at -2.2%.