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Canada’s GDP Report Due | BoC Holds, Fed Cuts Rate

Published October 31, 2019
  • The Canadian dollar is expected to remain volatile against the greenback, as Canada GDP data is released this morning. The GDP growth is expected to rise by 2.0 percent in August against the last reading of 0.0 percent. At the time of writing, the Canadian dollar is trading at 1.3155 levels against the US dollar.
  • The Federal Reserve cut its benchmark interest by a quarter-percentage point for the third time this year and hinted that they may pause to assess the economy before acting again. Federal Reserve Chairman Jerome Powell said that the current level is likely to remain appropriate given the Fed’s economic outlook of moderate economic growth, a strong labour market and inflation growing at around 2 percent.
  • Bank of Canada left its benchmark interest rate unchanged at 1.75 percent yesterday. The Canadian dollar weakened to a near two-week low against the greenback after the announcement. The central bank also forecasts an expansion of 1.7 percent in 2020, down from its earlier projection of 1.9 percent, and growth of 1.8 percent in 2021, down from its previous call of 2.0 percent.
  • WTI crude prices fell to $54.60 a barrel after the Energy Information Administration reported a crude oil inventory built of 5.7 million barrels for the week of October 25, further pressuring oil prices a day after American Petroleum Institute reported an estimated fourth consecutive inventory build-up of 592K barrels.

To the Clients of EncoreFX:


It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.


In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 


Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 


Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: