USD/CAD – Canadian Dollar Consolidates Losses

The Canadian dollar consolidated yesterday’s losses in a USD/CAD range of $1.2104-$1.2140 overnight, before dropping to $1.2092 in New York trading.

The overnight session was uneventful. The major Asia equity indexes closed modestly lower except for Australia’s ASX 200, which was unchanged. European bourses are mixed. The FTSE 100 is flat, the German DXA is lower, and the French CAC slightly higher. S&P 500 and Dow Jones Industrial Average futures are in negative territory. Gold and oil prices are trading with small losses. FX markets traded sideways.

U.S. Federal Reserve Vice Chairman Richard Quarles opined about tapering yesterday, saying, “If my expectations about economic growth, employment, and inflation over the coming months are borne out, it will become important for the (Federal Open Market Committee) to begin discussing our plans to adjust the pace of asset purchases at upcoming meetings.”

He didn’t say anything “taper-tantrum” worthy, but the U.S. dollar … Read more

Most of Us Still Aren’t Prepared for Another Major Cyberattack

It’s only a matter of time before we’re hit with another massive cyberattack. Unfortunately, it’s no longer a question of if, but when. Even “The U.S. is currently not designed to act with the speed and agility necessary to defend the country in cyberspace. Our country has lost hundreds of billions of dollars to nation-state-sponsored intellectual property theft using cyber espionage,” as noted by the Cyberspace Solarium Commission, as quoted by Fox Business. Cities, hospitals, schools, government agencies are all vulnerable. It’s why we’re seeing a surge of interest in cybersecurity companies, like Plurilock Security (TSXV:PLUR) (OTC:PLCKF), FireEye Inc. (NASDAQ:FEYE), Palo Alto Networks (NYSE:PANW), Fortinet Inc. (NASDAQ:FTNT), and Check Point Software Technologies (NASDAQ:CHKP).

Even some of the biggest companies in the world have been hit. In fact, even after numerous security warnings, a U.S. pipeline came under attack. US Colonial’s pipeline was shut down after a ransomware attack. Considering the company … Read more

USD/CAD – Canadian Dollar in Demand

Canada returned from a long weekend to find the Canadian dollar probing just above a three-year peak. Global risk sentiment is positive, with traders appearing to believe the U.S. Federal Reserve will leave monetary policy unchanged for an extended period.

Fed officials have been hammering that message home ever since the surprise surge in U.S. inflation reported two weeks ago. CPI rose 4.2% y/y compared to just 2.6% in March, which raised fears the Fed would be forced to increase interest rates sooner than expected.

“Not so,” said Fed Chair Jerome Powell and almost every Federal Open Market Committee member.

That sentiment was reinforced again on the weekend. Fed Governor Lael Brainard said officials expected inflation increases due to base effects, and those increases were temporary. She also said, “She also attributed inflation increases to “Some bottlenecks and supply chains are contributing to inflation, which will subside over time.”

St … Read more