Yesterday was very calm on markets, particularly for the USD/CAD pairing, which remained confined within a 40-pt range. This trend should persist in the coming days, with many investors opting to remain on the sidelines until Canadian jobs figures are released on Friday.
Yesterday also marked the 6th anniversary of the bull market on Wall Street following the most recent financial crisis. On March 9, 2009, the S&P 500 traded at 676.53, and has since shot up 307%. Barring extraordinary earnings from major corporations, the Fed, which appears poised to raise its key rate later this year, as confirmed by the Dallas Fed president yesterday, could curb this trend on U.S. markets.
On the agenda in North America today, Wholesale Inventories will be released south of the border. Unless a surprise occurs, volatility should remain mitigated on Canadian markets. Have a great day!
Rana Karim
Range of the day: 1.2620 - 1.2710