Daily Currency Update

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The Canadian Dollar Gains as the Greenback Slips

CAD - Canadian Dollar

The Canadian dollar strengthened against the greenback on Friday following a GDP print which posted a substantial improvement of 3.2% from the previous quarter, 2.2% was expected. The U.S. dollar, on the whole, fell against a basket of currencies after the release of the data. Oil prices also continue to decline after President Trump requested OPEC to up production to make up the shortfall due to Iranian and Venezuelan sanctions. The loonie is trading 0.2% higher at 1.3471 to the greenback, with significant resistance seen at 1.3515, while support is seen at 1.3422.

Key Movers

Attention this week will turn to the FOMC rate decision on Wednesday with exceptions of a hike meager, well in line with global central bankers of late holding and remaining dovish for 2019. Market participants expect a dovish stand from the Fed, as global central bankers have shown a synchronized hold on the pace of interest rate normalization, and global growth remains on a relatively firm footing. The Bank of England is also expected to hold on rates this Thursday, and they are scheduled for a rate decision also.

Expected Ranges

USD/CAD: 1.3445 - 1.3486 ▲

EUR/CAD: 1.4986 - 1.5040 ▲

GBP/CAD: 1.7370 - 1.7438 ▲

AUD/CAD: 0.9458 - 0.9503 ▲

CAD/NZD: 1.1113 - 1.1154 ▼

EUR/USD: 1.1143 - 1.1167 ▲