Daily Currency Update

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The Loonie falls against the Pound, Euro and Yen, but it increases against the Aussie dollar.

CAD - Canadian Dollar

There are no economic releases in Canada today, but the Loonie is being moderately affected by the latest global events. For instance, the U.S. dollar and the Loonie traded on the back foot yesterday after Fed Chief Jerome Powell kept interest rates on hold and said that the outbreak of the Coronavirus will likely hit the Chinese economy and could spill wider. This morning, the loonie and greenback fall amid gains in the Pound after the BoE avoided cutting its official interest rate while haven currencies such as the Japanese Yen advanced following ongoing worries about the spread of the Coronavirus and its impact on global growth.

Key Movers

The British Pound bounced before the Bank of England’s interest-rate decision, potentially due to a leak to market participants. The Sterling shot up toward 1.3100 just before Bank of England policymakers surprised markets by voting 7-2 for no change; however, many market participants had expected a 50 - 50 chance.

The U.S. gross domestic product is anticipated to climb at an annualized 2 percent rate in the fourth quarter, compared with 2.1 percent in the prior period, according to the median forecast from a Bloomberg survey of economists.

The U.S. dollar is falling following preliminary GDP figures. Furthermore, additional data saw initial job claims? rising at a weekly 216K. This data is not helping the U.S. dollar.

Expected Ranges

USD/CAD: 1.3179 - 1.3260 ▲

EUR/CAD: 1.4579 - 1.4614 ▲

GBP/CAD: 1.7285 - 1.7385 ▲

AUD/CAD: 0.8875 - 0.8906 ▲

NZD/CAD: 0.8571 - 0.8601