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Daily Updates

Canadian Dollar Morning Update — May 19, 2020

The markets were closed on Monday in Canada but not anywhere else and it was a very big day in the financial markets.  News of progress on a vaccine candidate combined with an aggressive posture by Fed Chairman Powell in an interview on Sunday night led to a resurgence of risk taking.  Equity markets traded up very strongly as did oil.  And risk-on currencies like the Canadian dollar were in favour.  The Canadian dollar is up 1% from Friday and is up another 0.2% this morning.  We expect further volatility as the market is bombarded by health and corporate news as earnings season gains steam.  Canadian inflation data tomorrow will be interesting to watch.

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