CAD gains strength amid trade report release
Thursday 4 May, 2023
Daily Currency UpdateThe CAD/USD pair gains strength amid the Canadian trade balance report release. Canada’s balance of trade report released at $0.97 billion which was significantly higher than the forecasted $0.2 billion. Conversely, the Ivey Purchasing Manager’s Index was lower than expected at 56.8 versus the forecasted 59.0. Anywhere above 50.0 indicates industry expansion, so while this number was below expectations, it is still an indicator of economic health.
Key MoversThe CAD also finds minor strength against the USD today in correlation with oil prices. While West Texas Intermediate (WTI) crude oil prices slid downward this morning due to the concern of an American economic slowdown, they have since regained stronger footing. Currently, oil is at 68.44 a barrel.
- EUR/CAD: 1.4634 - 1.5191 ▼
- GBP/CAD: 1.6569 - 1.7167 ▼
- AUD/CAD: 0.8964 - 0.9153 ▼
- USD/CAD: 1.3352 - 1.3678 ▼