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CAD loses ground to USD

Friday 17 September, 2021

Daily Currency Update

CAD - Canadian Dollar

The Canadian dollar weakened against the US dollar after better than expected retail sales data released on Thursday and a slight drop off in global risk appetite boosted demand for the safe-haven USD. USDCAD was up 0.41%, trading at 1.27319 at the time of writing. Oil prices also declined on Friday as Russia plans to boost upcoming overseas oil sales and as the dollar rallied.

Key Movers

The euro continued to be knocked by the upcoming German elections. As they have had a stable government under Angela Merkel for the past 16 years, it is likely the euro will continue to experience a dampening effect for the next week or two until the election result. EURUSD was down 0.27%, trading around 1.1734 at the time of writing. GBPUSD tumbled below 1.38 as risk sentiment gave a boost to safe haven currencies like USD. With over 10 central bank meetings next week, it is likely that the majority of currencies will experience a degree of increased volatility. GBPUSD was down 0.24%, trading around 1.3759 at the time of writing.

Expected Ranges

  • EUR/CAD: 1.4886 - 1.4969 ▲
  • GBP/CAD: 1.7438 - 1.7539 ▲
  • AUD/CAD: 0.924 - 0.9277 ▲
  • USD/CAD: 1.2639 - 1.276 ▲