Daily Currency Update

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The Loonie trades sideways as we await the release of Canadian employment numbers this Friday.

CAD - Canadian Dollar

The USD/CAD is increasing by 0.1 percent (weaker Loonie). The Loonie and U.S. dollar are losing against other currencies; for instance, the EUR/USD and EUR/CAD pairs are increasing 0.12 and 0.22 percent respectively (see positive news in the Key Movers section below). In the absence of economic releases in Canada, we turn to technicals.

Technically speaking, there are three important support levels in the USD/CAD pair. The first one is 1.3163, followed by 1.3146. If the volatility continues, it might go to 1.3118. On the flip side, key resistance levels are 1.3184, followed by 1.3192. If volatility increases, the pair might test 1.3219. However, crude oil is trading flat this morning, which makes the Loonie trade within a quiet range.

Key Movers

On the economic front, the economic prospects for the Euro area improved going into the fourth quarter, with strengthening private-sector momentum and an unexpectedly sharp gain in German factory orders suggesting a growth pickup ahead. According to the Federal Statistical Office (Destatis) in Germany, new orders in manufacturing increased in September 2019 by 1.3 percent, higher than the expected number of 0.1 percent. The EUR/USD pair is rising by 0.15 percent at the time of this writing.

Expected Ranges

USD/CAD: 1.3146 - 1.3191 ▲

EUR/CAD: 1.4550 - 1.4647 ▲

GBP/CAD: 1.6900 - 1.7028 ▲

AUD/CAD: 0.9046 - 0.9100 ▲

NZD/CAD: 0.8373 - 0.8420 ▲