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
US: Durable Goods Orders June -2.3% 2.0%
International Trade in Goods June $-75.1B $-74.2B
Jobless Claims wk7/20 216K 206K