After a long campaign, centrist candidate Emmanuel Macron emerged the winner in the French presidential election. Nevertheless, profit-taking on the euro and the major European stock exchanges are on the menu this morning! The win came as little surprise for investors, as polling after the most recent debate pointed to an easy win for Macron against far-right candidate Marine Le Pen.
The past few weeks have been particularly tough on the Canadian dollar, which recently matched a 15-month low. The correction in crude oil prices, troubles with mortgage lender Home Capital Group and the upcoming renegotiation of the free trade agreement between Mexico, Canada and the United States are the main reasons for our currency’s woes.
Crude oil is stable this morning, despite comments from Russian and Saudi energy ministers hinting that output cuts could be extended into the second half of 2017 and possibly into 2018. No major economic indicators are on the calendar today.
