Home Daily Commentaries The Loonie rallies following data showing a narrowing trade deficit.

The Loonie rallies following data showing a narrowing trade deficit.

Daily Currency Update

CAD - Canadian DollarThe Loonie rallies after Canada's exports rose 1.8 percent in August, according to Statistics Canada. The increase was due to a rise in exports of energy products and aircraft. Imports were up 1 percent, mostly on higher imports of crude oil and gold. As a result, Canada's goods trade deficit tightened from $1.4 billion in July to $955 million in August. Later today, at 10 am EST, the Ivey PMI will be released. This is an economic index prepared by the Ivey Business School that measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada.

Key Movers

According to the BBC, a Scottish judge is being asked to consider whether Boris Johnson could be jailed if he takes the U.K. out of the E.U. without a deal. However, Mr. Johnson has said he would rather be "dead in a ditch" than ask European leaders for another extension. After substantial employment numbers in the U.S., the global equity market is soaring, but it is sending mixed signals to the major currencies. At the time of this writing, the best performers against the Greenback are the Swiss Franc, Aussie dollar, Kiwi dollar, and the Loonie. The most negatively affected currency is the British Pound.

Expected Ranges

  • USD/CAD: 1.3282 - 1.3335 ▼
  • EUR/CAD: 1.4547 - 1.4691 ▼
  • GBP/CAD: 1.6260 - 1.6435 ▼
  • AUD/CAD: 0.8987 - 0.9020 ▲
  • NZD/CAD: 0.8395 - 0.8460 ▲