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CAD Remains Range Bound to End Week

Posted by Joshua Schlebach on 6/19/20 9:30 AM

The CAD relatively quiet this morning and trading well within this week’s range. Fundamentals today disappointed but this was likely expected and already priced in.  Core Retail Sales posted a massive drop coming in at -22.0% vs. the expected -12.7%. Retail Sales also missed the mark at -26.4% compared to the forecast of -15.0%.

The USD has made slight gains over European currencies but overall is quiet in light trading to open up the trading day. News today was light and limited to second tier releases. Current Account numbers posted a slight miss at -104B vs. the expected -101B. We should see steady trade to close out the week barring something unexpected out of Fed Chair Powell’s speech later this morning.

The Euro is moving with the overall market trends today and it virtually unchanged into the North American open. Leaders across the Eurozone are meeting today via video conference to discuss the Covid recovery fund. There is no time limit on how long this discussion will last nor is there a set time for the press conference afterwards.

Equities

Equities are up across the board this morning: the Dow up 0.70%, the S&P up 0.72%, NASDAQ up 0.87% and the TSX up 0.70%. Crude Oil is up 3.09% this morning ($40.04) while Gold is also up 0.87% ($1,737.94).

Dow

0.70%

S&P

0.72%

NASDAQ

0.87%

 

 

 

TSX

0.70%

Crude Oil

3.09% (40.04)

Gold

0.87% ($1,737.94)

Topics: Market Update