Daily Commentary & Market Insights, Dec.19, 2019

Good morning,

USD/CAD virtually unchanged after yesterday’s Canada inflation data gave the loonie a considerable boost passed monthly support level to previous Oct 30 low. Overnight, headline risk regarding US presidential impeachment was scoffed by the FX market as the impeachment proceeds to go to trial next month in a republican majority held senate. US initial jobless claims disappointed marginally to 234K from 225K estimate. US existing home sales for November reported 5.35M, less than expected 5.44M. The market awaits tomorrow’s US Q3 GDP report and Canada’s retail sales figures for the month of October. USD/CAD technicals look to 1.3042, Oct 29 low for support with 1.3211 Dec 6 fall from  two week high.