The Loonie awaits Governor Council Wilkins’ speech later today.
Wednesday 5 February, 2020
Daily Currency UpdateCAD - Canadian DollarThe Loonie has not changed this morning versus the U.S dollar, and it is trading at 1.3280. Meanwhile, Canada's international merchandise trade came in at -$0.37 billion versus the -0.61 billion expected. The higher the number compared with the forecast, the better for the Loonie. In terms of percentage, exports rose 1.9 percent in December, mostly due to higher crude oil exports according to Statistics Canada.The most important news for the Loonie will be Governor Council Wilkins' speech at 12:30 pm EST today.
Key MoversThe Greenback strengthens, reaching a new seven-day high, following stronger than forecasted U.S. ADP employment change report results. 157 k was expected, but the actual number came in at 291 k in January, according to the ADP National Employment Report. These buoyant results follow the ISM's Manufacturing Purchasing Managers' Index also exceeding expectations. In the U.K., the Pound reversed earlier gains against the U.S. dollar on news that the European Union could enforce rules that could impact London's banking sector. In New Zealand, the unemployment rate was expected to hold steady at 4.2 percent, but it came in at 4 percent. However, the NZD/USD is slightly falling, and it is currently trading at 0.6488 because business sentiment remains moderated, although it improved over the last quarter in 2019. Hiring intentions have improved, as well.
- USD/CAD: 1.3260 - 1.3304 ▼
- EUR/CAD: 1.4619 - 1.4660 ▼
- GBP/CAD: 1.7148 - 1.7275 ▼
- AUD/CAD: 0.8971 - 0.9001 ▼
- NZD/CAD: 0.8600 - 0.8640 ▼