Daily Currency Update

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Oil, Trade Talk and Employment all Loonie Drivers.

CAD - Canadian Dollar

Oil prices spiked to 2.98 percent for the week after an Iranian oil tanker was engulfed in flames from a suspected missile attack off the coastal city of Jeddah in Saudi Arabia. West Texas Intermediate is trading at 54.43 dpb as of 11 am New York and Toronto time. Global equity all in the green today as trade talks with the world's two largest economies are going well and Trump has been quoted by saying, "Good things are happening". Couple these two main events with the Canadian Job numbers which again added another 54,000 jobs in September lowering the unemployment rate to 5.5 percent from 5.7 percent, the most notable gains were in full-time work according to the Statistics Canada release. The Canadian dollar has gained over 1 percent on the week against the greenback and all of those gains have come from today's news.
The USD/CAD is now seeing support at 1.3157 (0.7600) and resistance is at 1.3201 (0.7575).

Key Movers

Over in the U.S., the Federal Reserve confirmed a new set of rules which will ease capital and liquidity requirements for individual U.S. banks. Large U.S. banks are being put into four categories based on their size and other risks. Domestic banks with under 700bn USD in assets would enjoy a degree of relaxed rules. This is the first time since the financial crisis of 2008 that the Dodd-Frank laws have modified.
The ongoing Brexit saga took a turn for the better yesterday when the Irish Taoiseach Leo Varadhkar and UK PM Boris Johnson had productive one to one talks. They released a joint statement stating that 'they could see a pathway to a possible deal' and that this could be 'done by the end of October.' Focus remains on Brexit negotiations next week. Several deadlines have been set up, and there could be significant volatility these days. Brussels has stated that the end of this week must confirm a compromise if a deal is to be agreed by next Thursday at the European Council. Downing Street is under the impression that they have until the end of Monday. European Council President Donald Tusk is expected to draw up the agenda for the summit early next week.

Expected Ranges

USD/CAD: 1.3174 - 1.3300 ▼

EUR/CAD: 1.4551 - 1.4684 ▼

GBP/CAD: 1.6480 - 1.6815 ▲

AUD/CAD: 0.8962 - 0.9037 ▼

NZD/CAD: 0.8356 - 0.8428 ▼