This week promises to be relatively calm on the currency market and will be shorter due to U.S. Thanksgiving celebrations. This week, we are continuing to monitor discussions regarding the Trump government’s tax reform, which Congress could vote on as early as Nov. 30.
It is interesting to note that the Canadian dollar has slumped over the past two months despite strong growth in crude oil prices. Since Sept. 8, the Canadian dollar is down 6%, while WTI crude oil prices gained 20% during the same period.
The euro is down this morning with Angela Merkel failing to form a coalition government over the weekend. It remains to be seen whether Merkel will decide to form a minority government or opt for new elections, which could be held as early as next spring. This morning, we’ll be keeping an eye on U.S. Leading Indicators at 8:30. Early this morning, the Canadian dollar is down against the greenback.
Emmanuel Tessier-Fleury
Range of the day: 1.2725 – 1.2825