Home Daily Commentaries The Loonie is erasing some of its gains after a stronger Greenback

The Loonie is erasing some of its gains after a stronger Greenback

Daily Currency Update

CAD - Canadian DollarThe USD/CAD pair increased overnight and is trading at 1.3355 at this moment, representing a 0.20 percent increase. The Loonie fell in yesterday's trading session after weaker crude oil following profit taking and it fell again this morning following inflation numbers from the US.There will be light economic releases for Canada tomorrow including the new housing price index. Also, this Friday, the Teranet - National Bank House Price Index will be released. However, the most important influencers include the OPEC meeting tomorrow, the speech by Bank of Canada Deputy Governor Wilkins tomorrow, and the IMF meeting on Friday.Technically speaking, with the USD/CAD pair trading at 1.3355 at the time of this writing, we should have resistance levels at 1.3360, 1.3371, and 1.3390. On the other side, we should find support levels at 1.3340, 1.3323 and 1.3285.

Key Movers

This afternoon, the FX market might have some volatility following one of the quietest periods in the FX markets after the Fed releases the minutes from its surprisingly dovish March meeting.At the time of this writing, the EUR/CAD pair is falling 0.07 percent after the President of the European Central Bank, Mario Draghi, warned that a "persistence of uncertainties" continued to affect the economy of the eurozone. A few minutes ago, Draghi said, “…the risks surrounding the Euro area growth outlook remain tilted to the downside, on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets.” The negative mood in the Euro area can't catch a break.

Expected Ranges

  • USD/CAD: 1.3322 - 1.3376 ▲
  • CAD/EUR: 0.6603 - 0.6669 ▲
  • CAD/GBP: 0.5658 - 0.5790 ▼
  • CAD/AUD: 1.0475 - 1.0514 ▼
  • CAD/NZD: 1.1045 - 1.1143 ▼