Daily Currency Update

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The Loonie trades slightly lower following Chinese retaliation

CAD - Canadian Dollar

The Loonie falls slightly following a weak US dollar and despite crude oil is jumping around 2 percent this morning following reports throughout the weekend that two Saudi oil tankers had been damaged just outside of the Strait of Hormuz, alongside this, the UAE had also noted that four commercial vessels were targeted.

Despite the tensions from the US-China trade war; crude oil is rising following tensions in the middle east, which have underpinned oil prices.

Technically speaking, the USD/CAD pair trades in a range, following a fall last Friday (stronger Loonie). The critical support and resistance levels to watch today are 1.3416 and 1.3441 respectively. It is trading at 1.3432 at the time of this writing.

Key Movers

Market participants were anticipating another period of market volatility to come as gold, the Japanese Yen and treasuries go higher in a search for safety. Market participants around the globe are starting to scramble to understand the new playbook. Moreover, bets on a Fed rate cut have gained momentum again.

China has invited US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to meet in China. However, this has not yet been confirmed by US officials. Trump and Xi Jinping are likely to engage in a straight talk during a G-20 meeting in Japan in June.

Expected Ranges

USD/CAD: 1.3416 - 1.3441 ▼

EUR/CAD: 1.5091 - 1.5157 ▲

GBP/CAD: 1.7445 - 1.7516 ▲

AUD/CAD: 0.9339 - 0.9380 ▼

NZD/CAD: 0.8821 - 0.8860 ▼