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Good Morning,
The Canadian dollar started the week on the decline as Friday’s “risk off” trading tone gained momentum. Fridays disappointing US jobs numbers continue to linger, souvereign debt issues in Europe appear to be far from resolved, the looming US debt ceiling vote and also Chinese inflation continuing to signal further tightening, all have market participants moving away from riskier assets and into safe haven US dollars. Equities took a major step back Monday with the Dow Jones falling 151 points, while north of the border the TSX dropped 191 points. Gold benefited from the flight to safety, as the metal climbed $7.60, while crude oil prices fell again losing $1.05. As for today we get the US May Trade Deficit (exp -44.1 B), and the June FOMC meeting minutes, while in Canada we get Trade Balance (exp. -$1.5 B). It appears markets are set to continue to remove risk, if this trend continues you should see the Greenback climb, with the Loonie still posting gains against the Euro and GBP while falling against the USD, CHF and JPY.
Expected Range: 0.9665 - 0.9755
Central Bank Rates
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