CAD Consolidates Most of Week’s Gains

Posted by Joshua Schlebach on 8/19/20 9:09 AM

The CAD extended its rally into the North American open today but as like yesterday has slightly retraced as the morning has continued. CPI numbers failed to impress this morning which has weighed slightly. CPI posted a flat 0.0% compared to the expected 0.4% gain, while Core CPI reported at a contractionary -0.1%.

The USD is again struggling but has managed to keep its losses fairly limited. News today out of the US was limited to Crude Oil inventories which posted a less than expected draw of 1.6M barrels compared to the expected 2.9M barrel draw. Later this morning we have the FOMC meeting minutes which could have an effect on the path on the greenback. 

The Euro is trading in a narrow range this morning after posting slight gains benefiting from broad based USD weakness. We should see a continued push upwards by the EUR into Friday’s important PMI releases across the Eurozone.                                            

Equities

Equities are up across the board this morning: the Dow up 0.35%, the S&P up 0.18%, NASDAQ up 0.12% and the TSX up 0.03%.  Crude Oil is down 0.49% this morning ($42.68) while Gold is also down 1.62% ($1,970.09).

Dow

0.35%

S&P

0.18%

NASDAQ

0.12%

 

 

 

TSX

0.03%

Crude Oil

0.49% ($42.68)

Gold

1.62% ($1,970.09)

Topics: Market Update