Canadian continuing downward trend
Daily Currency Update
The Canadian Dollar is holding after losing ground yesterday to the USD. With a lack of economic data in Canada today, look to the US employment data to drive markets and have the Loonie follow overall market conditions.Key Movers
The US Dollar Index (DXY) is reversing course to start the Friday session ahead of this morning’s non-farm payrolls release. The index is showing the greenback down -0.3% from yesterday against it’s basket of other major currencies. Markets are expecting to show an addition of 175,000 jobs last month. A big hit or miss on this data could set the stage for the next move from the Federal reserve as bets are still that the first interest rate cut will be in September.The Euro and GBP making gains against the greenback this morning after the Bank of England cut rates for the first time yesterday taking interest rates down to 5%.
Oil continues to fall, hitting a recent low of under $75 a barrel this morning.
Expected Ranges
- EUR/CAD: 1.4899 - 1.5072 ▲
- GBP/CAD: 1.7622 - 1.7742 ▲
- AUD/CAD: 0.9007 - 0.9084 ▲
- USD/CAD: 1.3799 - 1.3888 ▲