CAD Recovers and Consolidates Gains

Posted by Joshua Schlebach on 7/29/20 11:20 AM

The CAD is trading higher than the levels that we saw throughout the day yesterday but still well within this week’s overall range.  Again no domestic releases today will likely leave the CAD trading on the overall sentiment and movement of the market.

The USD is broadly weaker against the G10 currencies but fairly quiet as investors await the Fed policy statement and press conference later today.  Pending Home Sales posted a nice beat at 16.6% vs. the expected 15.6% which has steadied the greenback slightly.  Crude Oil Inventories posted a surprise draw of 10.6M barrels compared to the expected build of 1.0M.

The Euro has consolidated after Monday’s gains and retraced yesterday’s losses.  Further strength is expected especially if the Fed is dovish in their statement and outlook.  Any weakness should be limited in both size and scope.

Equities

Equities are up across the board this morning: the Dow up 0.31%, the S&P up 0.76%, NASDAQ up 1.12% and the TSX up 0.55%.  Crude Oil is up 0.51% this morning ($41.42) while Gold down 0.14% ($1,955.61).

Dow

0.31%

S&P

0.76%

NASDAQ

1.12%

 

 

 

TSX

0.55%

Crude Oil

0.51% ($41.42)

Gold

0.14% ($1,955.61)

Topics: Market Update