Daily Currency Update
The Canadian dollar held steady against the USD as a tentative deal on the debt ceiling was reached, suspending the federal government’s $31.4 trillion debt ceiling. At the time of writing, the USDCAD pair is trading at 1.3603. While the CAD started the week with an upward trend against the British pound, currently trading at 0.5952 against the GBP. Activity in the markets is relatively limited today due to the closure of major markets in the United States, United Kingdom, and other European countries. However, eyes will be on the Canadian GDP Growth rate, which is scheduled to be reported on Wednesday.
Key Movers
The US dollar edges lower as the U.S. debt ceiling deal lifted risk appetite across global markets and dented the DXY’s safe-haven appeal. In other news, oil prices are steady just below the $73 mark, currently at $72.351 as of writing. Irish retail sales have experienced a surge, rising 2.8% from April of 2023, marking the most significant increase in eight months. On the other hand, Hong Kong’s imports continue to decline, dropping by 11.9% compared to a year earlier. At $374.9 billion in April 2023, this is below market forecasts of a 16.5% decrease.
Expected Ranges
- EUR/CAD: 1.4544 - 1.4606 ▼
- GBP/CAD: 1.6769 - 1.6812 ▼
- AUD/CAD: 0.8865 - 0.8905 ▲
- USD/CAD: 1.3584 - 1.3618 ▲