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Market Update

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

Loonie Sinks Against the US Dollar; Market Awaits More Oil News

Published April 19, 2017
  • The Canadian dollar remains under sharp pressure against the US dollar this morning, contributing factors being Trump’s comments aimed at Canada’s dairy industry/NAFTA, risk-off sentiment and bullish USD comments by US Treasury Secretary Steve Mnuchin
  • Yesterday’s positive news from record high Canadian Securities Purchases was diminished after analysts revealed that this increase was driven by mergers & acquisitions and not renewed interest in Canadian securities
  • Oil prices moved away from a two-week low today after data from the American Petroleum Institute showed that US oil stockpiles declined by a larger than expected amount
  • The US Energy Information Administration will release its weekly oil supplies report at 10:30 AM EST; if the government agency’s data also shows a decline, it would mark the second straight weekly decline for US oil supplies
  • Investors await details from the publication of the Beige Book at 2:00 PM EST; released by the Federal Reserve, this publication is meant to give the US Central Bank insight into the state of the economy across the 12 districts of the Federal Reserve