Daily Currency Update

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Canadian dollar keeps climbing

CAD - Canadian Dollar

The Canadian dollar rose for a seventh straight day against the US dollar, trading at a three-year high with the support of strengthening commodity markets.

Gross domestic product for February increased 0.4%, coming in just below expectations of 0.5%. Statistics Canada estimates a 0.9% increase in March, signalling a growing positive economic picture despite vaccination delays across the country.

Key Movers

The euro performed well this week against both the US dollar and the pound. Despite ongoing partial lockdowns, the latest Eurozone consumer and business confidence indicators released yesterday suggested a renewed optimism in the single bloc.
Overnight the Aussie reached a high of 0.7818 on the back of continued broad greenback weakness and a rise in commodities and equities. The outlook for the Australian dollar remains strong on the strength of commodity markets, with iron ore and copper prices hitting their highest level since February 2011.

Upbeat GDP numbers released yesterday helped the US dollar remain stable, with the dollar index seeing a slight uptick. Recent US economic data continues to point towards a solid recovery while the Federal Reserve has kept a dovish stance on monetary policy.

Expected Ranges

EUR/CAD: 1.482 - 1.491 ▼

GBP/CAD: 1.702 - 1.718 ▼

AUD/CAD: 0.951 - 0.956 ▼

USD/CAD: 1.226 - 1.231 ▼