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Canadian dollar up slightly to end the week
Daily Currency Update
The Canadian dollar was up slightly as equities increased and took the wind out of the USD. The Loonie has no major data releases today, so it is likely to move in line with broader market forces. Oil traded down so far today after making gains yesterday with the West Texas Intermediate (WTI) oil price dropping back near the $78 a barrel range.Key Movers
The US Dollar Index (DXY) stalled its rise from earlier this week as inflation reported for June dropped from the previous month. The Personal Consumption Expenditure (PCE) index for June, which measures changes in consumer spending on goods and services, showed prices were up 2.5% from the previous year. This was down from the 2.6% the previous month. This has driven the case for a rate cut in September up to a new high of 88%. As a result, equities that had been down over the last couple of sessions headed up, taking strength out of USD treasuries.The US Dollar Index (DXY) stalled its rise from earlier this week as inflation reported for June dropped from the previous month. The Personal Consumption Expenditure (PCE) index for June, which measures changes in consumer spending on goods and services, showed prices were up 2.5% from the previous year. This was down from the 2.6% the previous month. This has driven the case for a rate cut in September up to a new high of 88%. As a result, equities that had been down over the last couple of sessions headed up, taking strength out of USD treasuries.
Expected Ranges
- EUR/CAD: 1.4947 – 1.5027 ▲
- GBP/CAD: 1.7763 – 1.7828 ▲
- AUD/CAD: 0.9037 – 0.9114 ▲
- USD/CAD: 1.3800 – 1.3875 ▼
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