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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

All Eyes on Bank of Canada Tomorrow

Published December 5, 2017
  • Better than anticipated trade balance figures out of Canada combined with worse than anticipated trade balance figures out of the USA helped the loonie with some modest gains against the greenback. The pair is down ~0.25% on the day trading around 1.2650 at time of writing.
  • Sterling pared back losses but remained lower on the day (down ~0.50%), with GBP/CAD last at 1.6995 after an attempt to reach an agreement with the EU on the Irish border failed. The sterling found some support following news that the British PM, Theresa May, could return to Brussels before the end of the week with the hope of reaching an agreement.
  • The euro also pared back losses while remaining lower on the day (down ~0.40%), with the EUR/CAD trading at 1.4975 at time of writing.
  • Oil prices are mixed this morning with Brent Crude up on the day and WTI Crude down. Brent Crude is up ~0.15%, trading at $62.55 a barrel, while WTI Crude is down ~0.20%, trading at $57.30. OPEC countries, Russia and other non-OPEC producers last week extended their deal to cut output by 1.8 million barrels per day until the end of 2018.
  • Tomorrow is a big day on the economic calendar with non-farm employment figures out of the US and the rate statement from Bank of Canada’s  Stephen Poloz.