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CAD Trades in Narrow Range

Posted by Joshua Schlebach on 6/30/20 8:22 AM

The CAD is continuing to trade in a relatively tight range today just above the midpoint of the week thus far. Fundamentals today beat expectations but were still abysmal on the morning. GDP numbers posted a -11.6% print, which was slightly better than the expected -12.5% but very concerning nonetheless.

The USD is making slight gains and trading up benefiting from a loss in some of the risk appetite that we saw yesterday. Renewed concerns in Covid cases have caused localized closures of businesses in a number of states as well as in Australia. Fundamentals today were fairly limited with Chicago PMI missing the mark at 36.6 vs. 45.0. Later this morning Fed Chair Powell speaks but isn’t expected to provide much as far as momentum or movement.

The Euro seem to be well supported at current levels after falling off about half a percent from yesterday’s highs. The EUR has ignored domestic releases for a number of weeks now and has largely traded in line with USD and overall market sentiment.

Equities

Equities are mixed this morning: the Dow down 0.42%, the S&P up 0.05%, NASDAQ up 0.39% and the TSX down 0.46%. Crude Oil is down 1.71% this morning ($39.02) while Gold is also down 0.20% ($1,769.32).

Dow

0.42%

S&P

Up

0.05%

NASDAQ

0.39%

 

 

 

TSX

0.46%

Crude Oil

1.71% (39.02)

Gold

0.20% ($1,769.32)

Topics: Market Update