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USD/CAD Tests 1.3500 Level; Mixed Canadian Data and Lower Oil Prices Drag on Loonie

Published May 30, 2017
  • The Canadian current account balance disappointed with a reading at -14.1 billion versus an expected -11.4 billion; growth in the price of Canadian raw materials also missed expectations
  • Data on US personal spending and personal income growth both came in as expected at 0.4%; investors now look to a reading on US consumer confidence at 10:00 AM EST
  • Oil prices are lower again this morning over concerns of consistent oversupply despite both OPEC’s decision to prolong supply cuts by 9 months
  • The start of the American summer driving season did, however, offer some support for oil prices; the American Automobile Association projected that 34.6 million people will drive 50 miles (80km) or more during the end of May holiday period, marking the highest number of drivers since 2005
  • European stocks are down this morning in what will be their fourth straight day of losses; worries over Greece denying further bailouts, political risk in Italy, and dovish comments from Mario Draghi have caused uncertainty for the euro zone
  • European economic data showed mixed results today; French quarter-on-quarter GDP results surpassed expectations while Spanish inflation data came in lower than market expectations