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Canadian Trade Balance in Focus | Oil Stabilizes

Published January 7, 2020
  • The Canadian dollar is expected to make minor advancements against the greenback, as Canada’s Trade Balance Report is released this morning. The report is expected to show a narrowing in the deficit to-0.8B against last month’s reading of -1.1B. At the time of writing, the Canadian dollar is trading at 1.2980 levels against the US dollar.
  • Market sentiments have stabilized this morning, with no further escalation in Middle East tensions. Asian stocks were trading generally higher. US indices closed with slight higher gains after reversing initial losses. WTI crude prices reversed some of yesterday’s losses and are trading at $ 62.86 a barrel.
  • This morning, the dollar index against a basket of six major currencies stood at 96.77, following a 0.2 percent decline on Monday. Markets await data due later today on the US Trade Balance, factory orders, and the services sector to measure the health of the world’s largest economy.