Daily Currency Update

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The Loonie falls due to the deceleration of GDP shown last week.

CAD - Canadian Dollar

The deceleration in growth expectations is evident in the Canadian GDP released last week. Later this morning, the manufacturing PMI report will be released and it will provide critical insight on whether things are improving or getting worse in terms of Canadian economic health.

The Loonie is falling this morning, despite crude oil rising by almost 2 percent in the international market. Saudi Arabia is pushing further oil-production cuts through mid-2020, and the OPEC is set to meet with a 10-nation coalition led by Russia on Thursday and Friday to discuss whether to extend a pact to cut production by 1.2 million barrels a day beyond the agreed end of March 2020.

Key Movers

Regarding China's retaliation to the U.S. bill supporting pro-democracy movements in Hong Kong, a Chinese Foreign Ministry spokeswoman said sanctions would be put on U.S. human-rights organizations operating in China. The statement promised that China would take, "…further necessary actions," without providing further details. On the economic release side, China showed stronger output after the Caixin manufacturing index rose to 51.8, while the forecast was 51.5. The good news in the Chinese economy along with positive news in the Euro-zone factory activity (which rose to a three-month high last month) have helped the Euro to increase against the U.S. dollar, Canadian dollar, and British Pound by 0.15, 0.32 and 0.24 percent respectively at the time of this writing.

Expected Ranges

USD/CAD: 1.3266 - 1.3311 ▲

EUR/CAD: 1.4650 - 1.4769 ▲

GBP/CAD: 1.7082 - 1.7260 ▲

AUD/CAD: 0.9015 - 0.9067 ▲

NZD/CAD: 0.8585 - 0.8640 ▲