CAD continues to slide against USD
Daily Currency Update
The Canadian dollar faced headwinds against the USD following the robust US jobs data from Friday. The S&P Global Composite PMI for Canada was reported at 46.3, surpassing the previous figure of 44.7. Similarly, the S&P Global Services PMI Final reached 45.8, improving from the previous 44.6. Despite these positive indicators for the Canadian economy, CAD has experienced a decline of -0.53% against the USD since Friday's close, extending the losses incurred at the end of last week. The overall market sentiment, influenced by the strong performance of the US economy, has contributed to the weakening of the Canadian Dollar in the current landscape.Key Movers
Germany's robust trade balance, surpassing forecasts at 22.2B, has contributed positively to the global economic outlook. However, challenges arise from Germany's Final Services PMI, which dropped to 47.7, marking the fourth consecutive month of reduced business activity in the German service sector.The Euro area presents a mixed picture. The Sentix Investor Confidence was better-than-expected at -12.9, while the PPI month-over-month remained stagnant at -0.8%, consistent with predictions.
Meanwhile, the GBP Final Services PMI indicates strength at 54.3, exceeding expectations. Additionally, the decline in oil prices by -0.99% to 71.60 adds another layer of complexity, impacting the CAD due to Canada's reliance on the energy sector.
Expected Ranges
- EUR/CAD: 1.44941 - 1.45348 ▲
- GBP/CAD: 1.69378 - 1.70153 ▼
- AUD/CAD: 0.87420 - 0.87825 ▼
- USD/CAD: 1.34563 - 1.35438 ▲