CGP News & Resources

CAD Posts Gains to Open the Week

Posted by Joshua Schlebach on 7/20/20 8:44 AM

The CAD is making gains to open the trading week and is up just under half a cent this morning.  No fundamental news to report on today opens a relatively quiet week as far as news releases are concerned.  Tomorrow’s Core Retail Sales numbers headline the AM news out of Canada.

Topics: Market Update

CAD Consolidates Yesterday’s Gains

Posted by Joshua Schlebach on 7/16/20 8:38 AM

The CAD started the morning on a slide but has since recovered and consolidated near the top of yesterday’s range. News today was positive with ADP Non-Farm Employment Change reporting a gain of 1.0429M jobs. This is a massive improvement from last month’s loss of almost 3M jobs.  Foreign Securities Purchases came in at 22.41B.

Topics: Market Update

CAD Makes Gains on Broad USD Weakness

Posted by Joshua Schlebach on 7/15/20 9:30 AM

The CAD made steady gains throughout the overnight session and continued to do so after the Bank of Canada held rates steady as expected.  In the policy decision this morning the central bank pledged to keep rates near zero until the 2% target inflation rate was met in a sustainable way.  Fundamentals were sparse elsewhere with second tier Manufacturing Sales surpassing the 9.2% forecast at 10.7%.

Topics: Market Update

CAD Recovers Overnight Losses But Still Remains Under Pressure

Posted by Matthew Shewchuk on 7/14/20 8:33 AM

The CAD is once again unloved but has retraced Asian trading session losses into the North American session. It is now again range bound, sitting where we ended yesterday. There are no domestic data releases before the Bank of Canada’s meeting tomorrow. Less optimism in benchmark oil prices due to expected OPEC+ production easing may also be weighing.

Topics: Market Update

CAD Little Changed Starting Week in Quiet Trading

Posted by Matthew Shewchuk on 7/13/20 9:21 AM

The CAD is mixed this morning with marginal gains against the USD. The correlation to North American equity markets remains and traders seem to be waiting for the Bank of Canada meeting on Wednesday for some hints into future monetary policy. It will be Tiff Macklem’s first scheduled meeting. Oil prices are under some pressure after it is expected OPEC+ will ease supply cuts but does not seem to be affecting the Loonie today.

Topics: Market Update

CAD Falls on Sentiment

Posted by Joshua Schlebach on 7/9/20 9:21 AM

The CAD started the morning consolidating yesterday’s gains but has since lost almost half a cent. Fundamental news today was positive with Housing Starts showing a healthy beat over the 185K forecast at 212K. Tomorrow’s employment data will be important for the future path of the Loonie.

Topics: Market Update

CAD Gains on Equities Market

Posted by Joshua Schlebach on 7/8/20 9:54 AM

The CAD is making strong gains on the back of renewed risk appetite as well as an improvement in equities markets. No fundamental releases this morning leaves the lone event that could swing the Loonie in this afternoon’s fiscal update by finance minister Morneau. It is expected to show a current-year deficit of more than $300B CAD which translates to 14% of Canada’s GDP.

Topics: Market Update

CAD Slides as Risk Appetite Falls

Posted by Joshua Schlebach on 7/7/20 9:19 AM

The CAD is soft and trading over half a cent down from where we opened the week yesterday. Risk sentiment has shown a reversal from yesterday and is weighing on the Loonie. Fundamentals were limited to second tier Ivey PMI which was a nice beat at 58.2 vs. 50.2 but has done little to curb the weakness into the North American open.

Topics: Market Update

CAD Trades Sideways from Open

Posted by Joshua Schlebach on 7/6/20 12:11 PM

The CAD is at virtually the exact same level as we saw at the open this morning after making gains into the end of last week. The Loonie has failed to materially benefit from a renewed risk appetite from market participants as well as crude pricing. No fundamentals to report on domestically this morning.

Topics: Market Update

Major Currencies Unchanged as USA Markets Closed

Posted by Matthew Shewchuk on 7/3/20 9:20 AM

The CAD is largely unchanged in a low volume trading day. With no domestic data releases and US markets closed in observance of Independence Day, there is little to drive sentiment one way or another. Next week will be light for Canadian data with the business outlook survey on Monday and employment numbers Friday.

Topics: Market Update

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