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CAD Slides after Week’s Gains

Posted by Joshua Schlebach on 6/17/20 9:32 AM

The CAD is back to trading where we opened the week after a push higher the past couple of sessions. Fundamentals were limited today but not overly impressive which has pushed the Loonie downwards.  CPI reported at a disappointing 0.3% vs. the expected 0.85, while Core CPI came in at a deflationary -0.1%. Friday’s Core Retail Sales numbers remain the only first tier release for the week.

The USD is mixed again today awaiting testimony for Fed Chair Powell later this morning as well as a speech from FOMC Member Mester. News today was also limited to second tier releases which have done little as far as momentum is concerned. Building Permits came out just under their 1.23M forecast at 1.22M and crude oil inventories showed a build of 1.2M barrels compared to the expected flat 0.0M.

The Euro is virtually unchanged after the overnight trading session and is trading in a very narrow range. Most direction is coming from the overall USD tone and looks to follow this barring any unexpected catalyst to break it convincingly up or down.

Equities

Equities are mostly down this morning: the Dow down 0.08%, the S&P down 0.06%, NASDAQ up 0.46% and the TSX down 0.34%. Crude Oil is down 0.16% this morning ($38.32) while Gold is also down 0.10% ($1,724.73).

Dow

0.08%

S&P

0.06%

NASDAQ

0.46%

 

 

 

TSX

0.34%

Crude Oil

0.16% (38.32)

Gold

0.10% ($1,724.73)

Topics: Market Update