CAD Consolidates Yesterday’s Gains

Posted by Joshua Schlebach on 7/16/20 8:38 AM

The CAD started the morning on a slide but has since recovered and consolidated near the top of yesterday’s range. News today was positive with ADP Non-Farm Employment Change reporting a gain of 1.0429M jobs. This is a massive improvement from last month’s loss of almost 3M jobs.  Foreign Securities Purchases came in at 22.41B.

The USD benefited from weaker equities but has since cooled off and is trading sideways from yesterday’s close. Fundamentals were positive across the board aside from Unemployment Claims which came in at 1.3M vs. the expected 1.25M. Core Retail Sales numbers beat the 5.0% forecast at 7.3% while Retail Sales also surpassed the expected 5.0% at 7.5%.

The Euro slid in line with the rest of the G10 this morning on overall risk mood and the broader market tone. The ECB held rates at 0.0% as expected and ECB President Lagarde spoke of the Eurozone contraction being largely in line with forecasts.

Equities

Equities are down across the board this morning: the Dow down 0.42%, the S&P down 0.55%, NASDAQ down 1.33% and the TSX down 0.21%.  Crude Oil is down 1.07% this morning ($40.76) while Gold is also down 0.21% ($1,806.45).

Dow

0.42%

S&P

0.55%

NASDAQ

1.33%

 

 

 

TSX

0.21%

Crude Oil

1.07% ($40.76)

Gold

0.21% ($1,806.45)

Topics: Market Update