Daily Currency Update

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The Loonie appreciates against most major currencies after touching oversold levels over the last few days.

CAD - Canadian Dollar

In Canada, according to Canadian Real Estate Association (CREA), existing-home sales month to month came in at -2.9 percent versus the expected number of -0.1 percent; however, Canadian existing home sales are up 11.5 percent year over year. Canada's average home price is up 0.1 percent month to month, and +11.2 percent year over year. Other than that, it has been a tranquil week in regards to economic data on the Canadian front.

Key Movers

It has been interesting to watch the Euro weaken versus different currencies over the last few hours and go beyond critical technical levels. However, there hasn't been an obvious catalyst for the weakness in the Euro, other than perhaps the potential impacts of the Coronavirus on Chinese demand for European exports, which might affect the U.S. as well. At this moment, the EUR/USD pair trades at 1.0855. It has bounced over the last few minutes, up more than 0.1 percent against the U.S. dollar. The British Pound versus U.S. dollar is trading at 1.3015, down 0.2 percent.

The Japanese Yen increased against the U.S. dollar and Aussie dollar after the Center for Disease Control confirmed a 15th case of the Coronavirus in the U.S. A Fox news White House reporter tweeted that the U.S. administration believes China is "severely" under-reporting the number of deaths from the virus. At the time of this writing, the USD/JPY and AUD/JPY pairs are trading down 0.03 and 0.01 percent, respectively (stronger yen).

Expected Ranges

USD/CAD: 1.3234 - 1.3285 ▼

EUR/CAD: 1.4350 - 1.4438 ▲

GBP/CAD: 1.7192 - 1.7337 ▼

AUD/CAD: 0.8880 - 0.8920 ▼

NZD/CAD: 0.8489 - 0.8537 ▼