Canadian dollar ending week up as risk appetite grows
Daily Currency Update
The Canadian dollar was catching the wave of risk appetite to regain most of what it lost yesterday to the greenback. With a lack of significant Canadian data today, the Loonie will be subject to broader market trends such as oil prices.After a week of losses due to worries about future demand, oil prices stabilized and made mild gains to end the week. The West Texas Industrial (WTI) price was up over a $1 per barrel today, getting back over $74 a barrel after hitting a low point of $72.22 at one point yesterday.
Key Movers
The USD was down entering Friday’s session as oil stabilized and equity markets regained position. Traders used their US dollars to pick up oil, which was up $1 to start the day. And stock markets rallied. The US Dollar Index was down over 2%, largely driven by the selloff in USD treasuries that has seen yields falloff.Expected Ranges
- EUR/CAD: 1.4902 - 1.4971 ▼
- GBP/CAD: 1.7021 - 1.7114 ▼
- AUD/CAD: 0.8885 - 0.8973 ▲
- USD/CAD: 1.371 - 1.3823 ▼