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CAD holding steady ahead of Jackson Hole

Daily Currency Update

The Canadian dollar remained steady to start the day even as equities and oil make gains. Amidst the anticipation surrounding announcements from Jackson Hole, investors are notably awaiting Jerome Powell’s speech scheduled for this morning.

Key Movers

Equities markets indicated a positive open, and oil showed an increase this morning. Meanwhile, the USD Index (DXY) is experiencing a decline as the week draws to a close. However, all eyes are focused on addresses scheduled for today at the Annual Jackson Hole Economic Summit. Fed Chair Jerome Powell takes the stage this morning to talk about the thoughts and direction of the FOMC. This afternoon, ECB Head Christine LaGarde will do the same. Investors are hoping that the central bank heads will provide some idea of where rates might go and how long they will stay high.

Oil is up this morning, testing $80 a barrel for the benchmark WTI index. This upward movement aligns with early morning positivity observed in the equities markets.

Expected Ranges

  • EUR/CAD: 1.4631 - 1.4741 ▲
  • GBP/CAD: 1.7082 - 1.7160 ▲
  • AUD/CAD: 0.8709 - 0.8763 ▲
  • USD/CAD: 1.3554 - 1.3620 ▲