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CAD Steady; Market Awaits Trump Speech

Published January 10, 2017
  • The number of Canadian building permits edged down in November due to lower construction plans in Alberta following a surge the month before from builders keeping ahead of provincial building code changes
  • The dollar recovered from earlier losses on Tuesday on the view that the market had over-reacted to worries about US president-elect Donald Trump's first news conference tomorrow (no time announced yet)
  • Uncertainty over whether Britain will undergo a "hard" exit from the European Union – in which immigration controls are prioritized over keeping access to the single market – continued to weigh on sterling, which has hit a fresh 3 month low against the Canadian dollar
  • Oil prices steadied this morning after a sharp sell-off as a fall in the dollar triggered a bout of short-covering; analysts say the market looks vulnerable to further falls
  • US oil stockpiles showed crude inventories sit at the highest seasonal level in more than 30 years
  • Canadian Prime Minister Justin Trudeau shuffled up around a third of his cabinet positions today; International Trade Minister Chrystia Freeland is believed likely to replace Stephane Dion at Foreign Affairs

Charts (1) USD/CAD Upward Trend Since 2011 (2) EU Political Calendar and Party Breakdowns for 2017