USD / CAD – Canadian Dollar Adrift

– US Durable Goods expected to rise 0.6%

– WTI oil recouping losses

– US dollar slips on profit-taking ahead of Powell speech

USDCAD Snapshot open 1.2974-78, overnight range 1.2946-1.2984, close 1.2958, WTI oil $94.59, Gold $1749.07

The Canadian dollar is drifting in a USDCAD range of 1.2940-1.3040 and will likely continue to do so until Fed Chair Powell delivers his speech at the Jackson Hole symposium.

The markets are hoping to get some clarity on the future direction of US rates. Will the Fed pivot from rate hiking to rate cutting in 2023?

An analyst at JP Morgan, Marko Kolanovic, thinks so. He believes “inflation will work itself out” and drive stocks higher as supply chain disruptions are resolved. He thinks the Fed over-reacted when they hiked rates 75 basis points on July 27 and that raising rates aggressively ahead of the US elections in November would be a … Read more

Traders Cautious Before Open

Futures for Canada’s main stock index were flat on Wednesday as investors digested earnings from two of the country’s biggest banks, while being cautious in making riskier bets ahead of annual central banks gathering later this week.

The TSX gained 10.43 points to close Tuesday to 19,985.35.

September futures for the TSX were virtually unchanged on Wednesday.

The Canadian dollar docked 24 cents to 76.92 cents U.S.

Royal Bank of Canada, Canada’s second-largest lender, reported a drop in third-quarter earnings, due to higher provisions, while National Bank of Canada managed to eke out a quarterly profit beat on the back of growth in the lender’s personal and commercial banking and financial markets segments.

ON BAYSTREET

The TSX Venture Exchange lost 7.21 points, or 1.1%, Monday to 642.70.

ON WALLSTREET

Stock futures rose slightly Wednesday as investors await more guidance from Federal Reserve Chairman Jerome Powell on the central bank’s tightening … Read more