CAD Pushes Higher on Crude and Sentiment

Posted by Joshua Schlebach on 7/23/20 9:59 AM

The CAD is continuing to impress this week making further gains into the North American open today on both risk sentiment as well as crude prices. No fundamental releases today to report on will likely leave the Loonie trading in line with the overall market mood. A break lower could be possible barring anything unexpected throughout market.

The USD is mixed again but holding onto this week’s overall soft undertone.  Fundamentals disappointed again which hasn’t helped the green back as of late.  Unemployment Claims posted a 1.415M vs. the expected 1.3M while CB Leading Index also narrowly missed the 2.1% forecast at 2.0%.                                                         
            
The Euro is continuing to benefit from overall market mood which is deteriorating the USD. The overnight session saw the EUR post a 0.2% increase and it looks as though it will test the next resistance level into the end of the week.

Equities

Equities are down across the board this morning: the Dow down 0.30%, the S&P down 0.06%, NASDAQ down 0.12% and the TSX down 0.13%.  Crude Oil is down 0.19% this morning ($41.82) while Gold is up 1.36% ($1,896.88).

Dow

0.30%

S&P

0.06%

NASDAQ

0.12%

 

 

 

TSX

0.13%

Crude Oil

0.19% ($41.82)

Gold

1.36% ($1,896.88)

Topics: Market Update