Canadian dollar holding its own against USD
Monday 3 May, 2021
Daily Currency UpdateCAD - Canadian DollarThe Canadian dollar was up again today against the US dollar after strong economic data on Friday. Demand for USDCAD is at multi-year lows, dropping to 1.227 at the time of writing.Oil has edged slightly lower today as pressure mounts over third wave Covid-19 concerns in India and Brazil, but overall oil prices enjoyed a steady gain over the month of April. The US is set to lead demand thanks to its rebounding economy.
Key MoversComments by the European Central Bank’s vice president Luis de Guindos helped push the euro against the US dollar early Monday. He said the ECB can start to phase out emergency stimulus measures when the pace of coronavirus vaccinations picks up. A buoyant US dollar saw the Australian dollar trade lower on Friday as stronger than expected US economic data boosted USD sentiment and stoked inflationary fears. AUDUSD and NZDUSD bounced back slightly today after falling from 0.7780 to 0.7696 and 0.7240 to 0.7151 respectively on Friday.The US dollar fell back slightly today after enjoying a nice lift on Friday following upbeat GDP numbers. A busy week of economic data is ahead, with numbers set to support a positive economic picture.
- EUR/CAD: 1.476 - 1.483 ▼
- AUD/CAD: 0.947 - 0.951 ▲
- USD/CAD: 1.227 - 1.231 ▼