Canada Markit PMI manufacturing PMI 54.7 vs 55.1 last

Was the 16 consecutive month of expansion
New orders fell to 55.1 vs 55.7. Lowest reading since Jan 2017
Employment fell vs prior month. Lowest since March 2017
Manufacturing production volumes expanded for the eighth month running in June, which marked the longest period of sustained growth since the start of 2015.
New business growth slowed to its weakest since the start of 2017, with the loss of momentum concentrated in domestic markets
Export sales growth edged up to its strongest since November 2014. A number of manufacturers commented on rising demand from U.S. clients.

What happens after the Bank of Canada hikes rates

BOC decision Wednesday is a highlight in the week ahead

The Bank of Canada is nearly certain to hike rates after a strong employment report on Friday but what happens next for the Canadian dollar depends on whether or not the BOC sends more signals about rate hikes and optimism on the economy.

USD/CAD Drops Lower To Give Back Early Day Gains

USD/CAD dropped lower in the North American session to erase early day gains as the Canadian dollar closely followed fluctuations in oil prices.

WTI crude oil prices (USOIL) started the new week out under pressure as an early day decline took prices slightly below last week’s low. Oil prices caught a bid as support came into play and the subsequent rally has wiped out early losses.

USD/CAD Tumbles After BoC Raises Rates For First Time Since 2010

The Bank of Canada raised the overnight rate to 0.75% from 0.50% at their monetary policy meeting today. The Canadian dollar strengthened broadly against its major counterparts as a result and USD/CAD is seen trading lower by about 200 points shortly after the meeting.

The move from the BoC has been somewhat sudden as policymakers were reluctant to remove the option to cut rates further only a few months ago. In addition, the BoC had been cautious towards the start of the year, citing concerns over NAFTA trade negotiations and an overheating housing market.

USD/CAD Resumes Lower, Wipes Out Monday’s Gain

USD/CAD recovered higher on Monday to snap a prior three-day losing streak but turned lower today, weighed by a weaker dollar and a recovery in oil prices.

The exchange rate reversed in the Asian session after a period of consolidation near the 1.2700 handle. Downside momentum accelerated following the European open as oil prices recovered.

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