Better than expected Chinese economic data, Industrial Production and Retail Sales caused industrial based commodities to rally this morning along with oil. Also, there are rumours that China is set to take more stimulus steps to drive an expansion showing renewed signs of health. China’s latest tactic indicates its leaders are stepping up attempts to support consumption and mitigate threats posed by U.S. trade sanctions.
Currently the USDCAD is trading below its 30 day simple moving average of 1.33584, the day simple moving average is 1.32939, which the USDCAD pierced but was unable to stay at those levels, the currency needs to break below 1.3350 before it can be deemed new territory.
Currently Close Range
USDCAD 1.3346 1.3350 1.3275-1.3373
EURCAD 1.5061 1.5060 1.5003-1.5093
GBPCAD 1.7388 1.7418 1.7315-1.7443
CA: Consumer Price Index March M/M 0.7% 0.7%
Y/Y 1.5% 1.9%
Merchandise Trade February $-3.1B $-2.9B
US: International Trade February $-51.1B $-49.4B
Petroleum Status wk4/12
Crude Oil 7.0M Brls 1.4M Brls
Gasoline -7.7M Brls -1.2M Brls