Home Daily Commentaries CAD holds steady despite climbing oil prices

CAD holds steady despite climbing oil prices

Daily Currency Update

The Canadian dollar remained mostly unchanged this morning with the USD/CAD pair expected to maintain its short-term hold in the upper 1.36 range. The Loonie didn’t seem to be benefitting from rising oil prices which were up 0.93% this morning. Despite strong oil prices, the CAD remained steady.

Key Movers

The US Dollar Index (DXY) was down 0.08% this morning to trade near 104.999. The slightly softer USD today came after the jobs report on Friday boosted expectations for multiple Federal Reserve rate cuts yet this year. There is no data set to be released for the US today.

The EUR was up slightly against the USD this morning largely attributed to the soft USD performance so far today. The Eurozone released a variety of data including the Spanish unemployment change which came in at -60.5. This was worse than the forecasted -74.5. Additionally, French Final Services Purchasing Manager’s Index (PMI) came out above the expected 50.0 level at 51.3. German Final Services PMI came in just below the forecast for 53.3 at 53.2. The overall Eurozone Final Services PMI was above forecasts at 53.3. The EUR Sentix Investor Confidence Index, which rates the relative six-month economic outlook for the Eurozone, was released better than expected at -3.6 versus -4.8. The Eurozone’s monthly Producer Price Index (PPI) came in at -0.4, in line with forecasts.

Expected Ranges

  • EUR/CAD: 1.47129 - 1.47407 ▼
  • GBP/CAD: 1.71471 - 1.72119 ▲
  • AUD/CAD: 0.90335 - 0.90697 ▲
  • USD/CAD: 1.36479 - 1.36970 ▼

Written by

Melanie Scott

OFXpert

Fascinated by the mechanisms that shape financial markets and their impact on currencies, Melanie is passionate about understanding how different factors shape market movements, and deciphering what these fluctuations signify for different currencies. As a Corporate Client Associate at OFX, she works closely with businesses across North America, offering them insights into foreign exchange strategies aimed at mitigating currency risks.