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USD/CAD Down Before Busy Week; OPEC News Disappoints

Published March 27, 2017
  • USD/CAD faces an event driven week ahead with multiple data releases on GDP from the US and Canada as well as speeches from Bank of Canada Governor Stephen Poloz and FOMC members
  • The US Dollar Index slid to a four month low this morning as markets continue to react to US President Donald Trump’s failure to pass his promised healthcare reform bill
  • US stock market futures point to a lower open and the “Trump Rally” begins to unwind on doubts that Trump can wield the majority Republican house and senate to see through increased spending and tax reforms
  • Oil prices are under pressure this morning by uncertainty on whether the OPEC-led production cut will continue beyond June 2017; the commodity is currently moving towards its weakest level since the end of November 2016
  • A statement from oil ministers of OPEC and non-OPEC oil producing nations have agreed to meet again in April to discuss a cut extension; the statement was not enough to impress investors who were hoping for more commitment on further supply cuts
  • German business confidence improved to the highest level since June 2011; a survey based on 7,000 German firms in the manufacturing, construction, wholesale and retail sectors show that businesses are brushing off concerns about the rising threat of protectionism