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CAD Little Changed vs USD, Outperforms Other G10 Peers Except JPY

Published January 30, 2017
  • Markets enter the week with a risk off tone following President Trump’s immigration ban order, leaving traders, allies, citizens and likely his own administration confused
  • Personal consumption in the US was up 0.5% in Dec, in line with expectations and boosted by spending and durables
  • Personal income rose slightly less than expected at 0.3%
  • CAD remains decoupled from crude futures and US-CA yield spread differentials
  • Euro is the worst performing G10 currency breaking through a double bottom technical level but failing to go substantially lower
  • Mexican peso is down 5% in the last 10 days
  • Gold inches up, suggesting safe-haven asset appetite amidst uncertainty over US policy
  • G10 Central Banks will dominate headlines; Bank of Japan tonight, US Federal Reserve on Wednesday, and Bank of England on Thursday
  • The tragic events at a Quebec City mosque during Sunday night prayers are being called a “terrorist attack on Muslims” by Canadian PM Justin Trudeau; our thoughts are with the community and the families & friends of the victims

  Chart (1) CAD vs. WTI