CAD loses momentum against USD
Daily Currency Update
Demand for the Canadian dollar was down 0.11% against its US counterpart after finishing last week with two strong days. Oil prices were up over 1% this morning. October’s Ivey PMI, which is a timely economic measurement, was slightly lower than expected at 53.4, forecasted 54.0. Up from 53.1 last month and up from 52.8 one year ago.Key Movers
Demand for the US dollar slipped against the euro after Friday's soft jobs data report was released. Declining jobs data had market observers more confident that the Fed would reduce interest rates. Comments from multiple central bank officials this week would shed more light on rate policy.Final services PMI came in as expected for the Euro area. And the German Final Services PMI was only very slightly higher than expected at 48.2, forecasted 48.0.
The Great British pound extended its rally against USD from last week. This morning, it was down a tenth of a percent from Friday’s close. UK Construction PMI was lower than expected at 45.6, forecasted 46.1.
Expected Ranges
- EUR/CAD: 1.46378 - 1.46917 ▲
- GBP/CAD: 1.68828 - 1.69586 ▲
- AUD/CAD: 0.8719 - 0.89057 ▲
- USD/CAD: 1.36292 - 1.36845 ▲