Daily Currency Update
The Canadian dollar rebounded against the US dollar on Monday following disappointing jobs data last week. According to Statistics Canada, the economy shed 200,100 jobs in January, ending a seven-month streak of employment gains. Economists were expecting a drop of only 110,000. The unemployment rate rose to 6.5%, from 6% at the end of last year. USDCAD was down 0.59% trading at around 1.26880 at the time of writing. Some analysts say they expect a rebound as early as this month as COVID-19 restrictions ease up in Ontario, one of the country's most populous provinces.
Key Movers
Demand for the euro eased against the dollar on Monday after it saw some strength last week from the European Central Bank's more hawkish tone. EURUSD was down 0.18% at 1.14306 at the time of writing. GBPUSD on the other hand rose marginally this morning, sitting around 1.3530 at the time of writing. The US dollar edged lower against some of its major peers on Monday despite an upbeat employment report last week, which surprised markets to the upside, reporting 467,000 non-farm payroll jobs vs. an expected 110,000. Market participants seemed to be waiting for new inflation data to be released this Thursday for further direction on the dollar. The US Dollar Index was sitting at 95.47 at the time of writing.
Expected Ranges
- EUR/CAD: 1.4487 - 1.4619 ▼
- GBP/CAD: 1.7155 - 1.7276 ▼
- AUD/CAD: 0.901 - 0.9044 ▼
- USD/CAD: 1.2677 - 1.2754 ▼