Daily Currency Update

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Canadian dollar slips with oil

CAD - Canadian Dollar

The price of oil, which had reached $68 a barrel just 10 days ago, was down 10% from the high. It one point, it fell below $60 for the first time since the start of March. Pressured by the demand for oil, the Canadian dollar fell by the most since February 26.

USDCAD, which hit 1.236 yesterday, has gone up by more than one percent. It’s traded at 1.251 at the time of writing.

Key Movers

Having failed to consolidate a break back above 1.20 the Euro corrected back toward 1.19, marking intraday lows at 1.1907. A divergence in real rates and mounting concerns the suspension of Astra Zeneca from the broader immunization program will put Europe’s recovery even further behind key counterparts.

The Great British pound and Japanese yen held their ground against the dollar’s advance with GBP holding onto gains approaching 1.40 and the JPY forcing the dollar back below 109.

The AUD remains vulnerable to swings in the underlying rates narrative and while there is scope the AUD will recapture a push toward 0.80 the currency will likely remain range bound through the near term bouncing between 0.7680 and 0.7850.

Expected Ranges

EUR/CAD: 1.482 - 1.491 ▼

GBP/CAD: 1.732 - 1.743 ▲

AUD/CAD: 0.966 - 0.971 ▼

USD/CAD: 1.242 - 1.254 ▼