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Can CAD keep going?

Thursday 28 October, 2021

Daily Currency Update

CAD - Canadian Dollar

Demand for the Canadian dollar edged higher against the US dollar on Thursday, adding to its momentum from the previous day after the Bank of Canada announced the end of its emergency pandemic stimulus. But gains were capped as oil prices eased for a second straight day. USDCAD was down 0.17% trading at around 1.2339 at the time of writing.

Key Movers

The pound also enjoyed gains on Thursday due to broad US dollar weakness. UK data releases are expected to be of low-impact for the currency until next week, so the pound could continue to take direction from post-Brexit headlines and pressure on the USD. GBPUSD was up 0.52%, trading around 1.3810 at the time of writing. Demand for the US dollar fell against its major counterparts after comments by European Central Bank President Christine Lagarde on Thursday. The US Dollar Index was down 0.53%, sitting at around 93.31 at the time of writing. The euro rose sharply against the dollar after her comments. EURUSD was up 0.74%, trading at around 1.6886 at the time of writing.

Expected Ranges

  • EUR/CAD: 1.43 - 1.4428 ▲
  • GBP/CAD: 1.694 - 1.7049 ▲
  • AUD/CAD: 0.926 - 0.9319 ▲
  • USD/CAD: 1.2321 - 1.2379 ▼