Loonie regains some ground against USD
Daily Currency Update
The CAD made up some gains against the US dollar to trade up around 0.14% earlier today. While there are no notable data releases set for the Canadian markets today, oil has bolstered the Canadian dollar. The commodity-linked Loonie has seen support from rising oil prices, which were up 1.02% at the time of writing. West Texas Intermediate (WTI) crude oil was trading near 76.74 this morning.Key Movers
Demand for the US dollar continued to slide this morning after several data releases. Consumer confidence was higher than expected while single-family home prices were lower than expected. The Conference Board (CB) Consumer Confidence level was higher than expected at 102 versus the anticipated 101. Meanwhile, the S&P CoreLogic Case-Shiller Composite Home Price Index (HPI) came in a little lower than anticipated at 3.9% versus the expected 4%. The HPY measures the change in the selling price of a single-family home in 20 cities year-over-year. The contradictory expectations were reflected in the US Dollar Index, which decreased to 102.98 this morning. Federal Open Market Committee (FOMC) member Christopher Waller will speak later today, which could impact the USD further.Europe’s year-over-year private loan data was released slightly lower than expected today. However, the EUR remained up against the USD and CAD so far today. German GFK Consumer Climate data, an indication of consumer confidence in the region, came in higher than expected giving the EUR a boost.
Meanwhile in Australia, the Reserve Bank of Australia (RBA) governor Michele Bullock spoke last night about inflation, financial stability, and employment. Bullock noted that “the central bank has to be a ‘little bit careful’ with using rates the bring down inflation without lifting unemployment.” Australian Consumer Price Index (CPI) yearly data will be released later today. The AUD remained up versus the USD and CAD.
Expected Ranges
- EUR/CAD: 1.4865 - 1.4929 ▲
- GBP/CAD: 1.7132 - 1.7222 ▲
- AUD/CAD: 0.8968 - 0.9019 ▲
- USD/CAD: 1.3570 - 1.3618 ▼