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The U.S. dollar is broadly weaker as crude oil prices increase, lifting the Canadian dollar and Norwegian Krone

Wednesday 25 November, 2020

Daily Currency Update

CAD - Canadian DollarThe U.S. dollar weakened against almost all of the G-10 currency pairs, testing a fresh 2 1/2-year low, while the Norwegian krone outperformed major currencies. Additionally, the Loonie rallied against the Greenback by 0.1%. The USD/CAD pair seems to be approaching a 26-month low (from October 1, 2018) again. This low was tested around 2 weeks ago on November 9, 2020 after Biden won the U.S. elections. Today seems like it will be a consolidative day because of Thanksgiving day in the U.S. tomorrow. On the releases side, personal spending and durable goods orders came in better than expected, but they did not move a needle in the U.S. dollar performance. There were no economic releases in Canada; however, data regarding the CFIB business barometer will be released tomorrow, November 26th.

Key Movers

Overall, FX market conditions are quiet ahead of the Thanksgiving holiday in the U.S.. However, this did not stop the Kiwi dollar from outperforming compared with the rest of the G10 majors. For example, the Kiwi dollar is trading above 0.7000, versus the US dollar, a new 2 and a half year high.

Expected Ranges

  • USD/CAD: 1.2986 - 1.3030 ▼
  • EUR/CAD: 1.5454 - 1.5503 ▼
  • GBP/CAD: 1.7301 - 1.7417 ▼
  • AUD/CAD: 0.9556 - 0.9596 ▲
  • NZD/CAD: 0.9092 - 0.9123 ▲