CAD remains down despite oil prices rising
Daily Currency Update
Despite oil prices rising back up, the CAD was down this morning versus the USD, EUR, GBP, and AUD. This could be due to the disappointing Canadian trade balance and building permits data. The monthly Building Permits data was lower than expected and the previous reading. The Trade Balance report also showed a lower than expected and previous level reading. While oil did rise back up around 1.57% to the 71.88 level this morning, oil prices are still low compared to prices at the end of last week.Key Movers
The US Dollar Index (DXY) made up some ground to rise around 0.17% this morning, trading near the 102.38 range. The RealClearMarkets (RCM)/ TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism survey data was released to a higher-than-expected level which typically means strength for the USD. This is a survey of around 1,300 consumers who were asked to rate the relative level of economic conditions. Trade Balance data for the US was higher than expected and previous as well. This further helped the USD regain strength today versus EUR, GBP, AUD, and CAD.In Eurozone news, monthly German Industrial Production data was released today. It was lower than expected and previous levels. This reading will likely signal a decline in the EUR. French Trade Balance data was released showing a higher than expected and previous balance. The unemployment rate for the EU showed lower than expected jobless data at 6.4% versus the expected 6.5%. These two positive data points from the French Trade Balance and Unemployment rate helped the EUR counteract the industrial production data to remain up versus GBP and CAD so far today.
Expected Ranges
- EUR/CAD: 1.4601 - 1.4677 ▲
- GBP/CAD: 1.6989 - 1.7056 ▲
- AUD/CAD: 0.8929 - 0.8986 ▼
- USD/CAD: 1.3336 - 1.3414 ▲