Home Daily Commentaries Loonie declines against most major currencies

Loonie declines against most major currencies

Weston Blystone
Written by
Weston Blystone

Weston Blystone

OFXpert

At OFX, Weston collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively.

| Tuesday 2 April, 2024

Daily Currency Update

The Canadian dollar was weaker overall this morning, trading down against the EUR, USD, AUD, and GBP. In oil news, West Texas Intermediate (WTI) crude oil was up this morning around 0.99% to trade near 84.54. This lent minimal support to the Loonie, allowing it to trade mostly flat so far today compared to the USD. Markets will be eyeing Canadian employment data which is set to be released on Friday and could cause some CAD movement.

Key Movers

The US Dollar Index (DXY) was down around 0.25% to trade near 104.76 this morning. The USD was down versus the EUR, GBP, and AUD today after being up against those same currencies yesterday. The Job Openings and Labor Turnover Survey (JOLTS) data came in as expected at 8.76 million, more than the previous 8.75 million. Factory Orders monthly data was higher than expected at 1.4% versus the anticipated 1.1%. This data usually helps to bolster the USD, but other currencies shared in some positive data releases alongside the USD that might have aided in recovering after the large USD gains from yesterday.

In the Eurozone, the German Preliminary Consumer Price Index (CPI) month-over-month data was released. The CPI data came in lower than expected at 0.4% versus the expected 0.5%. Spanish Unemployment Change data came in lower than expected as well at -33,400 versus the expected 10,000 reading. Conversely, the Overall Europe Final Manufacturing Purchasing Managers' Index (PMI) data was higher than expected at 46.1 versus the 45.7 that was expected. This mostly positive data pushed the EUR up versus the GBP, USD, and CAD this morning.

Expected Ranges

  • EUR/CAD: 1.4542 - 1.4624 ▲
  • GBP/CAD: 1.7023 - 1.7059 ▲
  • AUD/CAD: 0.8793 - 0.8848 ▲
  • USD/CAD: 1.3551 - 1.3584 ▲

Written by

Weston Blystone

OFXpert

Weston is on a mission to help people optimise their foreign exchange transfers. As Corporate Client Associate at OFX, he collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively. Always eager to deepen his understanding and share his expertise with others, Weston finds great fulfilment in working with diverse individuals, nurturing their company's growth through tailored solutions.