Currencies unchanged, especially the Canadian dollar

By MoneyWay | Jul 25, 2019

Today’s U.S. economic data had little impact on the USDCAD, however, one thing of note is within the US Durable Goods number. It’s a rare 1.9 percent jump in core capital goods orders that points to new confidence in the business outlook and the release of prior pent-up demand for new production equipment. New orders for machinery rose 2.4 percent in the month with fabrications up 2.1 percent and primary metals up 0.8 percent. These are all the building blocks to increase future production. Not sure what impact Boeing’s announcement of curtailed Max * production will have on next month’s data.

The USDCAD itself although unchanged and given that oil prices are moving higher, is waiting for further guidance from the Bank of Canada, expect range trading the rest of this week and next.

                                Currently             Close                     Range

USDCAD               1.3142                   1.3142                   1.3316-1.3153                   

EURCAD               1.4665                   1.4639                   1.4575-1.4708

GBPCAD               1.6402                   1.6406                   1.6367-1.6439                                   

                                                                                        Prior                      Actual

US:         Durable Goods Orders June                         -2.3%                     2.0%

                International Trade in Goods June            $-75.1B                 $-74.2B

                Jobless Claims wk7/20                                    216K                      206K

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