Home Daily Commentaries CAD rises against most major counterparts

CAD rises against most major counterparts

Daily Currency Update

The CAD was up this morning against the USD, EUR, GBP, and AUD amid continued rising oil prices. West Texas Intermediate (WTI) was up by around 0.08% so far today to the 83.45 level. Manufacturing Purchasing Managers’ Index (PMI) data was released the same as previous levels at 49.3. This data measured the activity of purchasing managers in the manufacturing sector and seemed to have little impact on the CAD.

Key Movers

Despite positive data releases today, the US Dollar Index (DXY) was slightly down this morning by around 0.06% near the 105.84 level. The Job Openings and Labor Turnover Survey (JOLTS) data, which measured the number of job openings, hires, and separations each month was released today. It came in higher than expected at 8.14 million versus the expected 7.96 million. The RealClearMarkets (RCM) and TechnoMetrica Institute of Policy and Politics (TIPP) data was also released. This surveyed consumers and asked them to rate the relative level of economic conditions. Similar to the JOLTS data, this also came in higher than expected at 44.2 versus the expected 41.2. The USD was down so far today against the GBP and CAD but slightly up versus the EUR and AUD.

In the Eurozone, the EUR Core Consumer Price Index (CPI) Flash Estimate year-over-year, which excludes food, energy, alcohol, and tobacco, data was released. It came in higher than expected at 2.9% versus the expected 2.8%. The EUR CPI yearly Flash Estimate came in as expected at 2.5%. So far today, the EUR was down against the USD, GBP, and CAD.

This morning, the UK seemed to be on the verge of electing its first Labour government in 14 years. Economic concerns are at the forefront as the country heads to the polls on July 4, raising questions about the extent of the economic policy differences between the two major parties. Labour has centred its campaign on the promise of change, but will this be enough to sway voters and bring about a new administration after Thursday? The outcome of this election could significantly impact the FX market, as traders and investors anticipate potential shifts in economic policies and their implications for the British economy. The GBP was up versus EUR and USD but down against the CAD so far today.

Expected Ranges

  • EUR/CAD: 1.4694 - 1.4763 ▼
  • GBP/CAD: 1.7335 - 1.7390 ▼
  • AUD/CAD: 0.9111 - 0.9148 ▼
  • USD/CAD: 1.3687 - 1.3755 ▼

Written by

Weston Blystone


Weston is on a mission to help people make the most out of their foreign exchange transfers. As Corporate Client Associate at OFX, he collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively. Always eager to deepen his understanding and share his expertise with others, Weston finds great satisfaction in working with diverse individuals providing currency risk management strategies.