The Loonie rallies in the North American session following good performance of the Aussie dollar and Kiwi dollar in Asia and Europe
Tuesday 24 November, 2020
Daily Currency UpdateCAD - Canadian DollarThere is a mix of good news, including the possibility of former Fed Chair Janet Yellen being named as the next Treasury Secretary and the General Services Administration acknowledging Biden as the apparent winner of the presidential election, which would reduce political uncertainty in the US. Additionally, good news related to a Covid-19 vaccine has helped set a positive tone to the FX market and is helping the Aussie dollar, Kiwi dollar, and Canadian dollar to rally within the G10 currencies.
Key MoversThis morning, in the U.S. St Louis Federal Reserve President James Bullard said, "We have enough flexibility to handle a renewed period of financial stress were it to occur... we remain committed to use all available tools to support the economy as much as we can.” He also added that the Fed is not thinking about raising rates at this time.The Japanese Yen and Euro pared gains after Case-Shiller CoreLogic home prices jumped 1.3% in September, higher than the 0.7% estimated. However, both currencies were underperforming the market following big declines in the US dollar as riskier currencies such as the Aussie dollar and Loonie rally today.Early today, New Zealand’s dollar rose past 70 cents for the first time since 2018 as the market priced out negative interest rates. However, it is trading at 0.6966 at the time of this writing.
- USD/CAD: 1.3000 - 1.3072 ▼
- EUR/CAD: 1.5434 - 1.5486 ▼
- GBP/CAD: 1.7301 - 1.7434 ▼
- AUD/CAD: 0.9552 - 0.9596 ▲
- NZD/CAD: 0.9066 - 0.9129 ▲