U.S. stocks slipped on Monday as political tensions around the world and fears that a prolonged U.S.-China trade war would push the global economy into recession sapped risk appetite. Protests in Hong Kong that crippled one of the busiest airports of the world and defeat of President Mauricio Macri during primary elections in Argentina bolstered demand for safe-haven assets, including the Japanese yen, gold and U.S. Treasuries. Over the weekend, Goldman Sachs Group Inc said fears of the U.S.-China trade war leading to a recession were growing and that it no longer expected a trade deal before the 2020 U.S. presidential election.
The Canadian dollar is a bit weaker to the USD, even with oil prices remaining stable, expect the CAD to follow equities in the short term.
Currently Close Range
USDCAD 1.3240 1.3222 1.3201-1.3250
EURCAD 1.4850 1.4810 1.4773-1.4868
GBPCAD 1.5981 1.5910 1.5883-1.6024