CAD Consolidates Losses to End Week

Posted by Joshua Schlebach on 7/31/20 8:50 AM

The CAD has consolidated near the bottom of this week’s range and has seen little as far as strength goes even with positive fundamentals and a bump in crude prices. GDP numbers posted a solid beat coming in at a gain of 4.5% last month compared to the expected 3.5%. Crude is now back over the $40 mark after suffering losses over the past couple of days.

The USD is holding onto its weak undertone but has received slight relief into the end of the trading week. Fundamentals were positive overall which helped curb the losses that the greenback saw through its worst trading week in years compared to the G10. Core PCE Price Index was in line at 0.2% as was Revised UoM Consumer Sentiment at 72.5. Personal Spending was up 5.6% vs. 5.3% and Chicago PMI reported at 51.9 vs. 44.0.

The Euro has edged higher on the back of better than expected retail sales numbers out of Germany and in line GDP numbers. Economic recovery throughout the Eurozone seems to be in full swing backed mainly by the agreement on a European wide recovery fund.

Equities

Equities are mostly down this morning: the Dow down 0.61%, the S&P down 0.37%, NASDAQ up 0.36% and the TSX down 0.96%.  Crude Oil is up 0.10% this morning ($40.01) while Gold is also up 0.57% ($1,967.72).

Dow

0.61%

S&P

0.37%

NASDAQ

0.36%

 

 

 

TSX

0.96%

Crude Oil

0.10% ($40.01)

Gold

0.57% ($1,967.72)

Topics: Market Update