CAD rises against GBP and USD
Daily Currency Update
The Canadian dollar was up so far today versus the GBP and USD. While there is no notable data set to be released today out of Canada, the Bank of Canada (BoC) Governor Tiff Macklem will speak later today. Macklem is set to discuss the outlook for interest rates which could cause some CAD movement. In oil news, oil was up this morning around 0.56%, priced near 79.44. This recovery in oil could have lent some support to the rising CAD.Key Movers
The US Dollar Index (DXY) was down slightly this morning around 0.16% to trade near the 105.37 level. This dip followed Unemployment Claims data that was higher than expected at 213,000 versus the expected 212,000. Later today markets will look towards the 30-year Bond Auction which could give markets an idea of investors’ outlooks on future interest rates.In the Eurozone, France and Germany markets had banking holidays today resulting in little Eurozone data. Markets will look ahead toward trade balance data which will come out next week.
In UK news, the Bank of England (BoE) held rates at the same 5.25% level. BoE Governor Andrew Bailey said that the central bank will likely need to cut rates over the coming quarters. The GBP was up slightly versus the USD so far today, but down against the EUR and CAD.
Expected Ranges
- EUR/CAD: 1.4720 - 1.4762 ▲
- GBP/CAD: 1.7085 - 1.7155 ▼
- AUD/CAD: 0.9018 - 0.9056 ▲
- USD/CAD: 1.3688 - 1.3738 ▼