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CAD gains after election results

Daily Currency Update

CAD - Canadian Dollar

The Canadian dollar edged slightly higher against its US counterpart after the re-election of Justin Trudeau as Prime Minister and as oil prices rose. USDCAD was down 0.11%, trading around 1.2804 at the time of writing.

Market watchers will be paying close attention to the US Federal Reserve’s policy statement for any signs on when the central bank could begin to scale back its bond-buying program.

Key Movers

The euro was one of the best performing currencies on Monday, although the German election this Sunday could bring volatility to the market. German PPI data showed producer prices climbing a little more than expected, highlighting the inflationary pressures that remain in the manufacturing sector and could limit the euro's recent gains. EURUSD was down 0.08%, trading at 1.1716 at the time of writing.

The pound found itself under pressure as Europe’s worsening energy crisis is starting to impact the UK economy. Sterling was down against most major currencies over the last few trading days, although it has shown small signs of a recovery this morning. GBPUSD was down 0.05%, trading around 1.3647 at the time of writing.

The US dollar was little changed this morning, trading around one-month highs across the board ahead of the US Federal Reserve’s monetary policy statement on Wednesday. The US Dollar Index was trading at 93.24 at the time of writing.

Expected Ranges

  • EUR/CAD: 1.5018 - 1.5057 ▼
  • GBP/CAD: 1.7497 - 1.753 ▼
  • AUD/CAD: 0.9283 - 0.9307 ▼
  • USD/CAD: 1.2808 - 1.2841 ▼