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Canadian Dollar Entrenched in Tight Weekly Range Ahead of Job Numbers Tomorrow

CAD - Canadian Dollar

The USD/CAD is continuing its ascending channel over the past week and has now broken a new two week high. This was mainly due to a weak Loonie after March’s Trade Balance in Canada fell short of the expectation of -2.4B and printed at -3.2B. US March Trade Balance released mainly as expected at -50.0B, but Initial Jobless Claims and Continuing Claim fell short. FED Chair Powell is currently speaking at a Fed Community Development Conference, and the key takeaway is the central bank preparing the financial system for climate change. Next event risk for the currency pair is Canada’s employment data and US CPI due to release tomorrow. The USDCAD is currently trading at 1.3497.

Key Movers

The US Dollar was flat against a basket of currencies as investors maintained their positions in the lead up to further trade talks this week between China and the United States. The DXY traded in a tight 20-point range, weakening by a meager 0.08% and sits at 97.50 this morning.

Cable was one of the worst performers overnight seeing a full cent drop overnight from 1.31 to 1.30. Both trade tensions and Brexit negotiations have hit the Great British Pound this week as it declined from last weeks close of 1.3180. Fading hopes of a cross-party agreement between Conservatives and Labour Party show no sign of improvement.

Expected Ranges

USD/CAD: 1.3467 - 1.3504 ▲

EUR/CAD: 1.5066 - 1.5181 ▲

CAD/GBP: 1.7488 - 1.7570 ▲

AUD/CAD: 0.9384 - 0.9421 ▼

CAD/NZD: 1.1233 - 1.1277 ▼

EUR/USD: 1.1173 - 1.1250 ▲