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Stocks Rally as Markets Await Fed Decision, Canadian Dollar Holds Steady


11.10.2024
Stocks Rally as Markets Await Fed Decision, Canadian Dollar Holds Steady

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3680-1.3870

Euro                 1.4950-1.5150

Sterling            1.7880-1.8080

 

WTI Oil (opening level) $75.31

 

The Canadian Dollar is opening at 1.3772 today, trading within a range of 1.3680 - 1.3870 against the U.S. Dollar. Markets are focused on the upcoming Fed announcement, with the USD showing slight weakness as investors await further clarity on potential rate changes. Despite the Fed's generally hawkish stance, expectations of a smaller rate hike are keeping the USD under pressure. Meanwhile, the divergence between the Fed and the Bank of Canada continues to weigh on the CAD, though oil prices are offering some support.

WTI Oil is trading at $75.31 per barrel today, slightly down from recent highs, yet still supporting the CAD. The price movement reflects ongoing concerns over global demand, particularly from China, even as geopolitical tensions and supply concerns persist.

Stock markets, including the S&P 500 and NASDAQ, continue to perform well today. Investor optimism is driven by confidence in the resilience of the U.S. economy. However, market participants are treading cautiously, awaiting the Fed’s next move, as it could impact broader financial conditions and market volatility.

Overall, the day’s market focus remains on oil prices, central bank policies, and the Fed’s upcoming decisions, with these factors heavily influencing both the USD and CAD. Investors are keeping a close watch on inflation data and the Fed's rate trajectory, which will be critical for future market movements.



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Euro                1.4700-1.4800

Sterling           1.7200-1.7300

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Euro                       1.4650-1.4750

Sterling                 1.7300-1.7400