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Canadian Dollar Weakens as Market Enters Risk-Off Environment

Published April 4, 2017
  • The loonie continues to weaken against the US dollar today as investors flock to safe-haven currencies; the yen, gold, US treasuries and the greenback are all seeing relative strength from a risk-off trading environment
  • Weaker than expected US auto sales combined with yesterday’s terrorist attack in St. Petersburg jittered the markets; US car sales are often used as a gauge of US labour market strength  
  • The Canadian trade balance surprised the markets with a much lower reading than expected; last month’s trade balance stood at -$1 billion versus an expected $0.7 billion
  • US trade balance improved by $2.4 billion last month; these figures will come into focus as markets prepare for President Donald Trump’s meeting with President Xi Jinping later this week
  • The US dollar is also benefiting from yesterday's strong manufacturing data release; data on US month-on-month factory orders are set to be released at 10:00 AM EST
  • Oil prices moved higher this morning as investors look for lower US oil stockpile numbers with today’s release from the American Petroleum Institute at 4:30 PM EST