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CAD Makes Gains on Broad USD Weakness

Posted by Joshua Schlebach on 6/22/20 9:49 AM

The CAD has made solid gains this morning of over half a cent as it benefits from an overall positive market mood. News is light on the fundamental side today and for the remainder of the week with the lone point today coming in the form of a speech from BoC Governor Macklem. We should see the Loonie trade in line with the broader market tone as well as any outside developments.               

The USD is opening the week struggling and with a weak undertone with FX markets trading with a risk-on attitude thus far. Fundamentals were limited today to second tier Existing Homes Sales which missed the mark coming in at 3.91M vs. the expected 4.15M. The week is fairly quiet with regards to news out of the US with no first tier releases scheduled.

The Euro is following the trend of the USD and is expected to do so for the foreseeable future. Last week’s EU leaders’ summit to discuss the Covid relief package did not produce a solid agreement or discuss as in depth as many people had hoped. Sideways trade is expected barring anything unexpected for the next few sessions.

Equities

Equities are mixed this morning: the Dow up 0.03%, the S&P down 0.01%, NASDAQ up 0.43% and the TSX down 0.16%. Crude Oil is up 0.53% this morning ($39.96) while Gold is also up 0.82% ($1,758.18).

Dow

0.03%

S&P

0.01%

NASDAQ

0.43%

 

 

 

TSX

0.16%

Crude Oil

0.53% (39.96)

Gold

0.82% ($1,758.18)

Topics: Market Update