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NBC Daily Forex : July 19, 2013

ByThe National Bank of Canada
Published 07/21/2013, 04:19 AM
Updated 05/14/2017, 06:45 AM

The stock index tracking the 500 largest U.S. companies seized on good news to reach historic highs during yesterday's training session, as companies released their corporate earnings. The WTI Crude Index also hopped on the bandwagon, reaching levels not seen since May 2011. The loonie took advantage of the favourable environment to gain some 60 basis points against the greenback, although it failed to reach the mark seen on Wednesday.

It's essentially an all-Canadian morning in terms of economic news. At 8:30, the Consumer Price Index for June will be released, with markets forecasting an increase of 1.2%. During the previous month, prices had climbed by 0.4%. Needless to say, we are still far from the objective of 2.0% set by the Bank of Canada. Any reading higher than 1.2% would be outstanding news for the Canadian dollar, which would pick up ground against its U.S. peer and possibly even break out of the tight range in which it has been trading all week. Wishing you a great weekend! Xavier Villemaire

Range of the day: 1.0355 - 1.0430
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