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CAD rebounds after upbeat jobs numbers

Friday 9 July, 2021

Daily Currency Update

CAD - Canadian DollarThe Canadian dollar moved higher against its US counterpart after declining for four consecutive days and better than expected employment numbers. USDCAD was down 0.48% to 1.2469 at the time of writing. The economy added 230,700 jobs in June according to Statistics Canada. Analysts had only been expecting an increase of 175,000 jobs. Oil prices also climbed as US inventories declined, but remained on track for a weekly loss.

Key Movers

Demand for the euro and the pound ticked up this morning as the US dollar retreated from recent gains. Though the pound edged higher against USD, it was still on track for a second consecutive weekly decline. GBPUSD was up 0.55%, trading at 1.3859, while EURUSD was up 0.19%, trading above 1.18 at the time of writing. The UK and EU are back on a Brexit disagreement again, as they struggle to land on common ground regarding the Northern Ireland protocol and fishing issues. Brexit roadblocks, as we’ve seen previously, can lead to a slip in GBP. A stronger US dollar and concerns over the spread of the COVID-19 delta variant in Australia helped drive AUDUSD to seven-month lows. This morning the Australian dollar regained some losses, climbing 0.73% against USD to 0.7448 at the time of writing.

Expected Ranges

  • EUR/CAD: 1.4793 - 1.4863 ▼
  • GBP/CAD: 1.7242 - 1.7322 ▼
  • AUD/CAD: 0.9298 - 0.9347 ▲
  • USD/CAD: 1.2474 - 1.2555 ▼