FOMC decision today, fait acompli on a 0.25% drop in rates

By MoneyWay | Jul 31, 2019

The Candian economy expanded 0.2 percent in May, slowing from the previous month’s 0.3 percent growth rate but beating the consensus forecast by a tick. Output from goods producing industries rose 0.6 percent while services rose 0.1 percent. The monthly growth was led by manufacturing, which expanded 1.2 percent, with output increasing in 13 of 20 industrial sectors.

Crude oil inventories fell 8.5 million barrels in the July 26 week to 436.5 million, 6.8 percent above their level last year at this time. Product inventories also declined, with gasoline down 1.8 million barrels to 230.7 million, 0.1 percent lower than last year at this time, while distillates fell 0.9 million barrels to 135.9 million, 9.4 percent above their level a year ago. WTI prices rose about 40 cents per barrel to around $58.75 per barrel immediately following the release of the EIA data.

The Canadian dollar is little stronger however, markets are waiting for the FOMC’s rubber stamp before moving any further, expect the CAD to gain a little more after the announcement.

30-day simple moving average 1.3110.

Currently             Close                     Range

USDCAD               1.3140                   1.3151                   1.3106-1.3158

EURCAD               1.4627                   1.4671                   1.4594-1.4677

GBPCAD               1.6063                   1.5982                   1.5961-1.6086

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