Oil Retraces with Loonie

Canadian Foreign Securities Purchases missed expectations of $11.59 billion and posted purchases of $10.32 billions. The data was the only North American data released today and took the Canadian dollar lower against its U.S. counterpart on the headline number. WTI did test higher overnight moving as high as $53.47 U.S. per barrel before retracing back to the current of 53.05 dollars per barrel. Gold moved back to the $1241.23 U.S. level per ounce, and major resistance lies at $1,261.

Experts expect a range today of $1.3071 to $1.3157 Canadian for the U.S. dollar.

The euro had a quiet overnight session remaining in a tight trading range. This morning the euro-zone Current Account was released printing at 31.0 billion, well above market forecasts of 28.7 billion. The vital data was unable to inspire euro buying as the market is still hesitating to make a move as traders await more information from the U.S..

Observers expect a range today of $1.3906 to $1.4011 Canadian

U.K. Retail Sales in January missed expectation of 3.9% y/y and 0.7% m/m and printed at 2.6% y/y and -0.2% m/m. This is the third consecutive monthly drop and confirms what Bank of England Governor Mark Carney suspected about consumer activity retrenching. Near-term, risks continue to lie on Brexit as the formalization of the divorce will begin in early March. The pound sterling is currently trading at $1.6223 Canadian.

Traders expect a range today of $1.6207 to $1.6321 Canadian

The Australian dollar was unable to hold onto its recent gains, dropping 0.3% overnight. Risk-off trading and general uncertainty provided the stimulus for Aussie selling. With no data remaining for Australia and the U.S. this week, price activity should be kept to a minimum today. This Monday night, the Reserve Bank of Australia Monetary Policy Meeting Minutes will be released which should provide some insight into the future rate moves from the RBA.

Oil (WTI): $53.04 U.S. per barrel

Gold: $1,241.03 U.S. per ounce

Silver: $18.01 U.S. per ounce.

Copper: $2.6835 U.S. per tonne

Dollar Index: 100.57