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CAD Soft to Open Trading Week

Posted by Joshua Schlebach on 6/29/20 9:55 AM

The CAD is holding onto the soft undertone that we saw at the end of last week and is trading on defensively to open the trading day. News was mixed but limited to second tier releases today. Building Permits posted an impressive beat reporting at 20.2% vs. the expected 10.3%. Both IPPI and RMPI numbers missed their respective forecasts by 1.5% and 13.3%.                  

The USD is trading relatively flat to open what is expected to be a fairly quiet week of trade with the Canadian bank holiday Wednesday and the US holiday Friday. Fundamentals were positive this morning but have had little impact as far as movement is concerned. Pending Home Sales came in at 44.3% vs. the expected 18.9%. Virus cases in the US continue to skyrocket with many states re-imposing lockdown measures to certain businesses. 

The Euro is outperforming most of the G10 currencies and is up about a half a percent from Friday’s close. France’s Macron and Germany’s Merkel are meeting today in Berlin to discuss the EU’s 750bn EUR relief package and how to have members across the Eurozone to be in agreement. Positive trading is expected in the near term with a largely US negative market sentiment.                                                                                     

Equities

Equities are up across the board this morning: the Dow up 1.73%, the S&P up 0.80%, NASDAQ up 0.66% and the TSX up 1.23%. Crude Oil is up 1.48% this morning ($39.06) while Gold is down 0.03% ($1,770.80).

Dow

1.73%

S&P

Up

0.80%

NASDAQ

0.66%

 

 

 

TSX

1.23%

Crude Oil

1.48% (39.06)

Gold

0.03% ($1,770.80)

Topics: Market Update