The CAD is mixed this morning with marginal gains against the USD. The correlation to North American equity markets remains and traders seem to be waiting for the Bank of Canada meeting on Wednesday for some hints into future monetary policy. It will be Tiff Macklem’s first scheduled meeting. Oil prices are under some pressure after it is expected OPEC+ will ease supply cuts but does not seem to be affecting the Loonie today.

The CAD started the morning consolidating yesterday’s gains but has since lost almost half a cent. Fundamental news today was positive with Housing Starts showing a healthy beat over the 185K forecast at 212K. Tomorrow’s employment data will be important for the future path of the Loonie.

The CAD is making strong gains on the back of renewed risk appetite as well as an improvement in equities markets. No fundamental releases this morning leaves the lone event that could swing the Loonie in this afternoon’s fiscal update by finance minister Morneau. It is expected to show a current-year deficit of more than $300B CAD which translates to 14% of Canada’s GDP.

The CAD is soft and trading over half a cent down from where we opened the week yesterday. Risk sentiment has shown a reversal from yesterday and is weighing on the Loonie. Fundamentals were limited to second tier Ivey PMI which was a nice beat at 58.2 vs. 50.2 but has done little to curb the weakness into the North American open.

The CAD is at virtually the exact same level as we saw at the open this morning after making gains into the end of last week. The Loonie has failed to materially benefit from a renewed risk appetite from market participants as well as crude pricing. No fundamentals to report on domestically this morning.

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.