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CAD Starts the Week Strong; N. Korea Stirs Pot with Missile Launch

Published July 4, 2017
  • USD/CAD starts the week under pressure, with markets pricing a 90% chance of a rate hike by the Bank of Canada on July 12
  • Demand for safe-haven currencies and gold is heating up after North Korea test launched an intercontinental ballistic missile (ICBM), with claims that N. Korean missiles can reach Alaska
  • What would normally be a quiet day with the US bank holiday for Independence Day, we are seeing volatility in global equity markets this morning, mostly moving lower, as North Korea has diminished risk appetite
  • Oil prices are lower this morning after climbing steadily since June 21
  • The Australian dollar is lower today after the Reserve Bank of Australia kept rates unchanged