Daily Currency Update

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Oil supply keeps CAD strong

CAD - Canadian Dollar

The Canadian dollar made decent headway to start the week after the supply for oil tightened.

Brent crude reached $70 a barrel after a Saudi Arabian oil facility was attacked on Sunday. WTI oil, which is generally the price instrument for North American production, continued to trade above $62 a barrel.

Demand for Canadian oil and commodities has strengthened CAD. EURCAD has fallen toward a low of 1.501. GBPCAD fell below 1.75. USDCAD, likely influenced by the US relief package, hasn’t traded above 1.27.

Key Movers

This week starts relatively muted in the UK, with all eyes on Friday's UK GDP month on month figure. Though GDP is always an important piece of data, this reading maybe taken with a pinch of salt by some, as it is backward looking, and there is no surprise about the difficulties the UK economy has had to undergo in recent months from the pandemic.

The AUD continued to trend down during Friday reaching a daily high of 0.7806 before opening at 0.7641 against the USD this morning. Much of the rise was owing to a positive employment report with non-farm payrolls showing that the country added 379,000 new jobs in February almost doubling market expectations of 197,000. Their unemployment rate also dropped to 6.2% from 6.3%.

Expected Ranges

EUR/CAD: 1.501 - 1.508 ▲

GBP/CAD: 1.748 - 1.756 ▲

AUD/CAD: 0.969 - 0.975 ▲

USD/CAD: 1.262 - 1.269 ▼