Daily Currency Update

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The Loonie strengthens versus the Greenback as crude oil rises.

CAD - Canadian Dollar

The Canadian dollar is marginally strengthening against the Greenback as oil prices edge higher in a light session today due to the holiday in the U.S. and the U.K. Later today, BoC Governor Stephen Poloz will deliver the annual Hanson lecture, “Monetary Policy in Unknowable Times,” via webinar. It’ll be his final speech as BoC Governor and the videoconference will be published on the Bank’s website at 15:00 ETC.

Crude oil futures rose 0.9 percent after the Head of the International Energy Agency said that oil consumption hasn’t peaked. Technically speaking, the USD/CAD pair might trade in a narrow range between 1.3971 and 1.4004 because of Memorial Day in the US.

Key Movers

In Europe, politicians and central bankers are fighting to contain the pandemic. Attention will focus on the relative success of countries in gradually lifting their coronavirus lockdowns this week.

Chinese Foreign Minister Wang Yi said that the U.S. should give up its “wishful thinking” of changing China, cautioning that some in America were pushing relations to a “new Cold War.” Wang Yi clarified that China has no intention to change the U.S., nor to supplant the U.S.

In spite of Chinese efforts to suppress dissent, hundreds of protesters clashed with riot police in downtown areas to oppose new national security legislation yesterday in the largest demonstration since January.

Expected Ranges

USD/CAD: 1.3931 - 1.4000 ▼

EUR/CAD: 1.5207 - 1.5250 ▼

GBP/CAD: 1.6972 - 1.7100 ▼

AUD/CAD: 0.9123 - 0.9150 ▼

NZD/CAD: 0.8500 - 0.8533 ▼