CAD Slides but Trades in Range

Posted by Joshua Schlebach on 7/28/20 9:11 AM

The CAD has fallen this morning and lost ground against many of the G10 but is trading well within the range that we have seen so far this week.  No fundamental releases are scheduled ahead of Friday’s GDP report for May will likely see the Loonie continue to trade close to this range.

The USD has received a slight boost this morning but overall sentiment remains bearish.  Fundamental news was mixed today but limited to second tier releases which have had little effect on the overall path of the greenback.  CB Consumer Confidence posted at 92.6 vs. the expected 94.0 while S&P/CS Composite-20 HPI was also a miss at 3.7% vs. 4.1%.  The lone beat on the day was the Richmond Manufacturing Index which posted at 10 compared to the expected 5.

The Euro saw a small dip into the North American open but losses have been fairly confined with the overall trend still positive.  Sentiment should remain positive being supported by the EU’s long term budget and the Eurozone recover fund.

Equities

Equities are down across the board this morning: the Dow down 0.36%, the S&P down 0.24%, NASDAQ down 0.41% and the TSX down 0.13%.  Crude Oil is down 0.96% this morning ($41.42) while Gold is up 0.22% ($1,946.42).

Dow

0.36%

S&P

0.24%

NASDAQ

0.41%

 

 

 

TSX

0.13%

Crude Oil

0.96% ($41.42)

Gold

0.22% ($1,946.42)

Topics: Market Update