Wednesday, June 11, 2014

USD/CAD

USD/CAD is steady in Wednesday trade, as the pair trades below the 1.09 early in the North American session. This is the first time that USD/CAD has been in 1.08 territory in over a week. In the US, it’s a quiet day, highlighted by Crude Oil Inventories. There are no releases out of Canada on Wednesday.
There was more good news on the US employment front, as JOLTS Job Openings jumped to 4.46 million, up sharply from 4.01 million a month earlier. This easily beat the estimate of 4.04 million, and comes on the heels of a positive Nonfarm Payrolls last week. We’ll get a look at Unemployment Claims on Thursday, with the markets expecting a slight improvement compared to the previous release. There has been only one Canadian release so far this week. Canadian Housing Sales hit 198 thousand in May, easily beating the estimate of 185 thousand. This points to strong activity in the Canadian housing sector, a critical component of economic growth. We’ll get look at Manufacturing Sales, the highlight event of the week, on Friday.