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CAD supported by upbeat data and oil prices

Thursday 14 October, 2021

Daily Currency Update

CAD - Canadian Dollar

The Canadian dollar also strengthened against the US dollar as oil prices continued to rally and upbeat manufacturing data. Canadian manufacturing sales rose 0.% to $60.3 billion in August, according to Statistics Canada. USDCAD was down 0.51% at 1.2376 at the time of writing. Demand for the US dollar eased slightly on Thursday while the Canadian dollar, Australian dollar and New Zealand dollar rose. The US Dollar Index was down 0.11%, trading at 93.98 at the time of writing.

Key Movers

The pound is benefitting from the prospect of higher interest rates, however some extra upward pressure has been added over the past 24 hours due to US dollar weakness. It’s another quiet day on the data front from the UK so expect COVID-19 news and external events again to be the potential main drivers in the pound’s value. GBPUSD was trading at around 1.3678 and GBPEUR at around 1.1803 at the time of writing. The Australian dollar and New Zealand dollar edged higher against the softer US dollar on Thursday, underpinned by rising commodity prices. AUDUSD was up 0.49% trading at 0.7415 while NZDUSD was up 0.85% at 0.7022 at the time of writing.

Expected Ranges

  • EUR/CAD: 1.4327 - 1.4432 ▼
  • GBP/CAD: 1.6912 - 1.7007 ▼
  • AUD/CAD: 0.917 - 0.919 ▼
  • USD/CAD: 1.2355 - 1.2449 ▼