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Market Update

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

USD/CAD Higher Ahead of Busy Economic Week

Published October 30, 2017
  • The US dollar remains steady against the loonie this morning as the market awaits further US economic data releases; the greenback posted its largest weekly rise this year after US GDP showed greater than expected growth.
  • Released this morning, US month-on-month personal spending grew by 1.0% versus an expected 0.8%, while month-on-month growth of US personal income came in at 0.4%, as expected.
  • Investors look ahead to a busy week ahead of economic data and events: Canadian GDP data, a US FOMC statement, US Non-Farm Payrolls and a potential announcement for Trump’s pick for the next Federal Reserve Chair.
  • Political events may also dominate the headlines this week; protests in Spain continue to cause uncertainty over the future of an independent Catalan state, while the Trump-Russia probe entered a new phase today with this morning’s arrest of former Trump campaign manager Paul Manafort.
  • Oil prices are higher this morning as prices for Brent Crude continues to move past the psychologically important $60/barrel level, the highest level for Brent since July 2015; WTI prices also moved to its highest level in nearly 8 months.
  • Oil is tracking higher on increased speculation that OPEC and other major oil exporters will seek to extend their oil production cut deal until the end of 2018; the deal, led by Saudi Arabia and Russia, was already renewed once and is set to expire at the end of March 2018.
  • Increased oil production out of the US, however, is tapering this recent rally; US production is up by almost 13 percent since mid-2016 with oil shipments out of the US recently hitting a record of 2 million barrels per day.