USD/CAD - Inflation, Retail Figures Disappoint

Canadian inflation numbers for September this morning increased from previous, but Consumer Price Index data on core missed at 1.6% when expectations were for 1.7%. August retail sales figure slowed to a measly -0.3% and -0.7% excluding auto and both massively missed consensus of 0.5% and 0.3% respectively. These fundamentals are timely as a more data-dependent Bank of Canada is due to make an interest rate announcement next week after two hikes this year already that has offset the 2015 easing caused by the oil glut. WTI Crude Oil slipped to 51.16 from a high today of $51.79 U.S. per barrel overnight, a low of $50.86 was touched forming a short-term trend channel.

The dollar index is getting all the headlines as the U.S. dollar against its G10 trading peers. The move came from the approval of a budget plan from the U.S. Senate that will allow that body to overhaul the tax plan in 2018. U.S. Existing Home Sales were released at 10 a.m. and forecasts were for 5.3 million and Existing Home Sales Change is expected at -1%. Federal Open Market Committee member Loretta Mester speaks today at 2 p.m. on Global Regulatory Structure.

Those in the know expect a range today of $1.2555 to $1.2662

Major fundamental data is light in Europe today with only second-tier data releasing. German Producer Prices in September exceeded expectations and printed 0.3% m/m and 3.1% y/y. Eurozone Current Account in August did release a larger surplus than expected at EUR 33.3 billion. The euro is currently trading at $1.4844.

Experts expect a range today of $1.4805 to $1.4893

Public Sector Net Borrowing in September printed better than expected at 5.9 billion pounds sterling when expectations were for 6.5 billion pounds. Some positive light at the European Union summit where reports suggested that the U.K. and EU are progressive in Brexit negotiations. The pound is currently trading at 1.6579.

Prognosticators expect a range today of $1.6548 to $1.6660

No economic releases for the Australian dollar today leaving the Aussie to trade on broader sentiments. The Australian dollar is currently trading at $0.9856.

Oil (WTI): $51.36 U.S. per barrel

Gold: $1,281.58 U.S. per ounce

Silver: $17.16 U.S. per ounce

Copper: $3.1869 U.S. per tonne

Dollar Index: 93.65

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