Daily Currency Update

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Canadian dollar gains against EUR, USD

CAD - Canadian Dollar

The Canadian dollar advanced in trading yesterday against the euro and US dollar. A weakened euro pushed EURCAD down all day toward CAD’s advantage. It started the day above 1.54 and in the last 24 hours it bottomed out at 1.534. The US dollar, which advanced against most currencies yesterday, didn’t have the same success against CAD. Over the course of yesterday, USDCAD swung in CAD’s favor, falling from 1.271 down to 1.264.

Key Movers

The UK continued to look outside the box for medication to combat COVID-19, despite already vaccinating over 2.5m people. The story broke that certain companies are looking to replace the COVID-19 jab with a pill. This would allow for far quicker distribution and allow those with fears of needles to obtain the vaccination. Once this is cemented, it is likely the pound will strengthen, as investors look to economies without the economic burden of COVID-19. For the moment, the pound remains steady. However, with no rate cut on the horizon and the burden of a lockdown already priced into the British economy, there is little that can further knock the British currency.

The Australian dollar retreated through trade on Wednesday, drifting below 0.7750 as bond yields and equities fell and hopes for additional US fiscal stimulus drove US dollar gains. Having touched intraday highs at 0.7780, markets largely ignored a strong uptick in job vacancies despite the run-on implications for a sharp correction in unemployment rates and upward inflation expectations. Instead, markets looked to a fall in oil prices and commentary from Fed officials suggesting loose monetary policy will be tapered as the Fed moves nearer to its economic goals.

Expected Ranges

EUR/CAD: 1.534 - 1.545 ▲

GBP/CAD: 1.728 - 1.733 ▲

AUD/CAD: 0.981 - 0.984 ▲

USD/CAD: 1.264 - 1.271 ▲