CAD holds steady after positive jobs numbers
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Daily Currency Update
The Canadian dollar remained mostly flat this morning against the USD, holding steady in the mid-1.34 range after better-than-expected jobs data released on Friday. Oil helped bolster the Loonie, rising 0.29% this morning to 76.79 a barrel. The Canadian markets will be on the lookout for January housing starts data set to be released on Thursday.Key Movers
The US Dollar Index (DXY) was up about 0.15% this morning to trade near the 104.243 level. Markets will be watching for Consumer Price Index (CPI) inflation data which is set to be released tomorrow. This CPI data will provide some clues on when the Federal Reserve may start to cut interest rates. Later this week markets will also see the release of industrial production numbers on Thursday as well as building permits, Producer Price Index (PPI) data, and the Michigan consumer sentiment survey on Friday.In Eurozone news, the euro dropped following last week’s small bounce. The EUR/USD pair sat at the 1.0765 level this morning.
The GBP followed the euro’s suit, also dropping ahead of key data releases this week. UK markets will keep an eye out for jobs data set to be released tomorrow, CPI and PPI data coming out on Wednesday, the Gross Domestic Product (GDP) report on Thursday, and finally retail sales numbers on Friday. Ahead of the busy week for the GBP, the GBP/USD pair traded around 1.2613 this morning.
Expected Ranges
- EUR/CAD: 1.44764 - 1.45345 ▼
- GBP/CAD: 1.69706 - 1.70209 ▼
- AUD/CAD: 0.87661 - 0.87896 ▲
- USD/CAD: 1.34465 - 1.34750 ▼