Daily Currency Update

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The Canadian Dollar Momentum Subdued.

CAD - Canadian Dollar

The Canadian dollar was quiet overnight, with very little change in the session against the greenback. Loonie momentum over the previous month was subdued as crude oil prices fell, and domestic wholesale sales numbers posted -1.2 percent, a miss from the consensus of an increase of 0.3 for August. The USD/CAD pair finds resistance at 1.3114, and a break of this would trigger 1.3157, while support continues to be at 1.3071 with any breakout below this would sight 1.3029 and the psychological level of 1.30. No Canadian economic data is being released for the remainder of the week. The Canadian dollar will be subject to the inflows of market participants.
Elsewhere, the U.S. Dollar index was quiet, dipping slightly to 97.45 as house prices in the United States rose by 0.2 percent for August, albeit missing market expectations of 0.4 percent. The ECB sets its primary refinancing rate today and is expected to remain on hold in what will be Mario Draghi’s last ever policy meeting.

Key Movers

Volatility is expected to remain heightened for the Great British Pound over the coming days with the European Union expected to approve Boris Johnson’s further Brexit extension requests by Friday. With Parliament rejecting the withdrawal agreement before October 31st, cable dropped to overnight lows of 1.2820, Recovering to 1.2899 on open this morning, global markets await the EU’s decision to grant a 3-month flexible extension into 2020.

Expected Ranges

USD/CAD: 1.3060 - 1.3095 ▼

EUR/CAD: 1.4541 - 1.4589 ▼

GBP/CAD: 1.6840 - 1.6933 ▼

AUD/CAD: 0.8929 - 0.8964 ▼

NZD/CAD: 0.8357 - 0.8398 ▼