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CAD higher versus USD after rebound in crude

Posted on: June 26, 2017

Oil catching a bid is helping commodity currencies this morning and CAD is no exception. The weak CPI print from Friday has been pushed to the back burner now as participants look to the Bank of Canada this week to try and decipher when the first rate hike will be (July or October). Poloz speaks on a panel at the ECB Sintra Conference on Wednesday while Deputy Governor Patterson will be speaking in Calgary. It’s a Central Bank extravaganza this week, with Yellen speaking on Tuesday in London and Carney/Draghi/Kuroda part of the panel discussion at Sintra on Wednesday.

USDCAD is lower in early hours of trading and can be attributable to weakness in durable good orders. New orders for US made capital goods fell unexpectedly in May, with shipments also declining. This suggests a loss of momentum in the manufacturing sector and adds to the growing concern that an acceleration in economic growth may not be as fast as expected. Overnight, San Francisco Fed chief, John Williams (hawk), noted that inflation will rise toward the 2% target next year, and foresees future opportunities for gradual increases in interest rates. On the data front, the US will report GDP numbers on Thursday, and personal income and spending on Friday. Weakness in these figures may further add to the concern that the Fed will be reluctant to increase rates. At home, GDP figures will be released on Friday.

GBPUSD witnessed a small spike on the reported agreement between the Tories and the DUP. Various details of the agreement noted that the DUP will support the government on all Brexit and national security bills, as well as offering support in all confidence/budget motions.

  • Friday’s NA Range: 1.3219 – 1.3308
  • Asia: 1.3245 – 1.3270
  • London: 1.3231 – 1.3260

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