Daily Currency Update
CAD - Canadian DollarWith no economic fundamentals to report on today for Canada, the loonie will move on the ebb and flows of market participants. The loonie weakened this week against the greenback on lackluster economic domestic data and a dovish Bank of Canada monetary policy report this week. The Canadian dollar has fallen against the greenback by 0.80 percent this week and in the last month is down the equivalent. Crude oil prices have softened today to 64.04 after WTI reached a high of 66.60 dollar per barrel on Monday the 22nd of April, this was the 2019 high thus far for crude. Oil traders have priced the commodity higher as global central bankers have shown a synchronized hold on the pace of interest rate normalization, and global growth remains on a relatively firm footing.
Key Movers
US domestic GDP was reported today and economists expected a contraction to 2.6% on goods and service sold on an annualized pace previously at 3.4%, actual 3.2%. The Greenback is relatively unchanged after the release, US stock futures at the time of writing are pointing to a marginally lower open after a big week of corporate earnings being reported. Next weeks key metrics are the FOMC rate decision on Wednesday followed by the Bank of England on Thursday. Both central banks are expected to leave interest rates unchanged as global trade agreement are still being negotiated and global growth is subdued.
Expected Ranges
- USD/CAD: 1.3462 - 1.3520 ▼
- EUR/CAD: 1.4983 - 1.5040 ▼
- GBP/CAD: 1.7361 - 1.7442 ▼
- EUR/USD: 1.1110 - 1.1154 ▲
- GBP/USD: 1.2874 - 1.2917 ▲
- USD/AUD: 0.7007 - 0.7051 ▲