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CAD resumes strength after holiday

Posted on: July 04, 2017

Volumes may be light due to the US 4th of July holiday, but the Canadian Dollar continues to charge along. USDCAD has broken below the low last week with not much for support ahead of the 1.2900 level. WTI has bounced off lows, currently trading a $47-handle. The odds of a July rate hike in Canada continue to increase, currently sitting at 86% ahead of the Bank of Canada meeting next week. On the data front, June PMI was released and showed a slight cooling in new orders; however, exports edged up slightly on greater demand from the US.

Looking ahead, the main risk event this week will be duel payrolls in the US and Canada on Friday. There are some other important releases such as trade balance numbers on Thursday but Non-Farms will be the focus. Neither of these two data points are expected to curtail the BoC’s upcoming rate decision, as two data points should not dilute overall positive and improving economic data.

Asian markets are uneasy after North Korea launched yet another missile, with officials claiming that it had landed within Japan’s exclusive economic zone. The Aussie dollar fell in response to the RBA’s decision to keep its key rate unchanged at 1.5% which was expected, but conflicts with the recent rhetoric of global central banks reducing their level of accommodative policy.

  • Yesterday’s NA Range 1.2965 – 1.3012
  • Asia 1.2976 – 1.3014
  • London 1.2930 – 1.3014


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