Canadian Dollar Hits 4-Year High Amid USD Pullback; Key UK Budget & BoJ Decisions Loom

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

US Dollar        1.3830-1.4020

Euro                 1.4980-1.5180

Sterling            1.7960-1.8150

WTI Oil (opening level) $68.29

The CAD is opening at 1.3933 ( 0.7177)

CAD traded at a 4 year high - touching 1.3941

USD strength yesterday was partially reversed against the major currencies, with the EUR/USD exchange rate seemingly unable to punch below 1.0800 and stay there.

Sterling is at the stronger end of the range versus the euro ahead of today’s important autumn budget statement with Chancellor Rachel Reeves.

There is much anticipation ahead of tonight’s Bank of Japan meeting, as the market awaits guidance on how the BoJ sees the policy trajectory from here, particularly any hints on whether a rate hike at the December meeting rate could be in play.