While U.S. President Donald Trump tries to convince us that there is no chaos in the White House, there’s no denying that appearances indicate the exact opposite. Barely a week after he arrived, new Communications director Anthony Scaramucci was shown the door by his new boss and White House Chief of Staff John Kelly. The move was all it took to feed into downward pressure on the greenback.
In Canada, WTI crude oil prices above the $50 a barrel mark weren’t enough to keep our loonie in positive territory. The possibility of sanctions against Venezuelan President Nicolas Maduro’s oil and the slowdown in drilling activities in the United States helped oil reach this significant milestone. Given the CAD’s trouble in keeping up its momentum despite the substantial help from oil and the U.S. government, it is legitimate to wonder whether the trend will finally reverse. To find out, at 8:30 this morning, we’ll be keeping an eye on U.S. Personal Spending for May and the PCE deflator, which is very closely monitored by the U.S. Federal Reserve.
Alexis Masson
Range of the day : 1.2440 – 1.2550