Daily Currency Update

Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools

Canadian dollar is on an upward journey

CAD - Canadian Dollar

The Canadian dollar continued its upward climb against the US dollar this morning, reaching 0.7389 in early morning trading.

The Loonie has benefited from greater market confidence of late and is up more than 6% since its lowest mid-March levels. Recent development results for a coronavirus vaccine that the University of Oxford is developing with AstraZeneca Plc showed promising results in early human testing, and as a result saw market confidence increase.

The broad shift from the US dollar to other currencies has helped to push the Canadian dollar higher. Demand for the US dollar has dropped with greater confidence in the Euro Zone's recovery efforts.

The Euro rose to just under a four-month high against the US dollar, with negotiations well underway between European Union leaders on a recovery fund that would hopefully bring the bloc out of its current recession.

Key Movers

The GBP dropped 0.75% on Friday and it is in a downtrend against most currencies, including against the Euro. This week marks the fifth week of the most recent Brexit negotiations between the UK and EU.

Tensions between the UK and China have continued at the start of this week, with the UK poised to suspend its extradition treaty with Hong Kong in response to China's new security laws. Dominic Raab is expected to announce the suspension in Parliament today.

The Australian dollar finished another week with solid gains. It is trading at 0.7007 at the moment. The pair has been comfortably consolidating above the 0.6900 level since July.

Expected Ranges

USD/CAD: 1.352 - 1.359 ▲

CAD/AUD: 1.051 - 1.054 ▲

GBP/CAD: 1.701 - 1.714 ▼

EUR/CAD: 1.547 - 1.557 ▲