Daily Currency Update

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The global equity and crude oil rout are affecting the Loonie, which is touching a 49-month low versus the Greenback.

CAD - Canadian Dollar

The Loonie is being sold this morning along with the global equity markets; the rout is deepening as oil has extended losses and futures on the S&P 500 hit their lower trading limit. The USD/CAD pair is 0.45 percent higher this morning, trading at 1.3826, but it reached an intraday high of 1.3854. Key support levels are 1.3727, 1.3648, and 1.3584. The USD/CAD pair is at the highest level since Feb. 2016. However, the Loonie is gaining 0.24, 1.44, 2.02, and 1.28 percent against the Euro, Pound, Aussie dollar, and Kiwi dollar, respectively.

Key Movers

The Euro plunged against the U.S. dollar after the ECB kept interest rates unchanged, choosing instead to boost its QE program and add liquidity tools. The EUR/USD pair is trading almost 1 percent lower this morning, trading at 1.1150 at the time of this writing. ECB Head Christine Lagarde said that the virus response must be fiscal, “first and foremost,” adding that the next ECB press conference will be entirely online.

Turbulence has awoken from inactivity in the FX markets, and it started with uncertainty related to the economic effects of the pandemic situation. The worrying issue is that FX markets might revisit levels seen when the global financial crisis crippled markets in 2008.

Expected Ranges

USD/CAD: 1.3727 - 1.3869 ▲

EUR/CAD: 1.5265 - 1.5555 ▼

GBP/CAD: 1.7235 - 1.7517 ▼

AUD/CAD: 0.8641 - 0.8800 ▼

NZD/CAD: 0.8456 - 0.8564 ▼