Scotia Capital analysts are waiting on the Canadian GDP report, due Wednesday. According to Scotia analysts, the market consensus estimates are for a small 0.1% month-on-month rise for June. Investors have their ears tuned into the banks earnings season in Canada this week, too, with Bank of Nova Scotia getting ready to report, followed by CIBC.
The Canadian dollar is also stronger, with the U.S. dollar at 97.75 Canadian cents, just a drop down from last week, reports Saefong. The CurrencyShares Canadian Dollar Trust (NYSEArca: FXC) gained 0.5% in Monday’s trading. [Risk Aversion Sends Traders to Safe Haven Currencies, ETFs]
“Investors feel that there is a little bit more breathing room from what the Fed had to say on Friday,” said Serge Pepin of BMO Investment Inc., on Reuters. “We know that the Fed and the central banks are staying vigilant.”
iShares MSCI Canada
Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.
Tisha Guerrero contributed to this article.