Canadian dollar ends the week up on stronger oil
Daily Currency Update
The Canadian dollar is up slightly this morning as oil prices tip back over $80 a barrel and equities markets point towards a positive open. Canadian Gross Domestic Product (GDP) data released this morning was a mixed bag as May numbers painted a positive picture at 0.3% growth while the early indications for June though showed a slowdown of -0.2%.Key Movers
The US dollar index (DXY) is down 0.2% this morning as equities markets improve on the back of a bigger drop in the Personal Consumer Expenditure (PCE) Index. The PCE Index is the Federal Reserve’s preferred measure of Inflation in the US. Markets saw a drop from 4.6% inflation in May to 4.1% in June on the core measure. The headline number showed inflation at 3.0% in June compared to 3.8% the month before. This might indicate that the rate hikes from the Federal Reserve are starting to have more of an impact on markets which could cause the Fed to leave rates where they are in September.The Euro dipped yesterday against the greenback after the European Central Bank (ECB) left its interest rate unchanged. Following its slide yesterday, the EUR made up some ground this morning as inflation in France dropped from 4.5% in May to 4.3% last month and GDP growth in Germany was better than expected. Economic growth did fall in June by 0.2% but this was better than the 0.43% retraction that analysts anticipated.
Expected Ranges
- EUR/CAD: 1.4496 - 1.4585 ▲
- GBP/CAD: 1.6905 - 1.7039 ▲
- AUD/CAD: 0.8775 - 0.8923 ▼
- USD/CAD: 1.3176 - 1.3264 ▼