CAD declines this morning despite positive data releases
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Daily Currency Update
Despite positive price data and increasing oil prices, the CAD dipped this morning to trade down against the USD, EUR, GBP, and AUD. The Industrial Product Price Index (IPPI) month-over-month data was released higher than expected at 1.5% versus the expected 0.8%. The monthly Raw Materials Price Index (RMPI) data also came in higher than expected at 5.5% versus the expected 3.1%. Oil was also up this morning by 2.06%. West Texas Intermediate (WTI) crude oil priced around the 79.32 levels this morning.Key Movers
The US Dollar Index (DXY) was slightly down this morning by 0.05% to trade near 104.54 despite positive data releases. Standard & Poor's (S&P)/Case-Shiller (CS) Composite-20 House Price Index (HPI) data was released today. This data showed the change in the selling price of single-family homes in metropolitan areas. It came in slightly higher than expected at 7.4% versus the expected 7.3%. Likewise, the Conference Board (CB) Consumer Confidence data came out on the upside today. This surveyed households and asked them to rate the relative level of current and future economic conditions. This data showed higher than expected levels at 102 versus the expected 96. The USD was down slightly versus EUR, GBP, and AUD this morning.In Eurozone news, the German Wholesale Price Index (WPI) month-over-month data was released at higher-than-expected levels. The WPI data came out at 0.4% versus the expected 0.1%.
The GBP/EUR pair climbed to a 9-month high overnight with the GBP trading at its highest level since August 2023, €1.1769. The Confederation of British Industry (CBI) released Realized Sales data today which came out higher than expected at 8 versus the -24 anticipated.
Expected Ranges
- EUR/CAD: 1.4789 - 1.4832 ▲
- GBP/CAD: 1.7392 - 1.7439 ▲
- AUD/CAD: 0.9068 - 0.9097 ▲
- USD/CAD: 1.3614 - 1.3650 ▲