European Markets Push CAD Higher: Is a Breakout Imminent?

07.01.2025

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

US Dollar 1.4220-1.4430

Euro 1.4800-1.5000

Sterling 1.7840-1.8050

WTI Oil (opening level) $74.11

The CAD is opening at 1.4313 ( 0.6987)

European markets seem to recognize that a change of leadership in Canada will be positive for the CAD. Yesterday morning the European market was where the CAD fell from the Friday close of 1.4431 to start in North America at 1.4314 based on the news that Trudeau was going to step down. By 11 am the market was back at 1.4370. Now this morning we are seeing the market start at 1.4313. The currency markets are trading around the clock Monday thru Friday, in every time zone. So effectively 24/5, with the understanding that Asia starts it off and North America closes it. So when news breaks it can quickly effective the market to negative or positive.

Yesterday the European market pushed the price to 1.4300, before the North American traders got to their desks.

My question is- will the CAD break below 1.4285 = 0.7000 ?

That appears to be the line in the sand that the CAD must cross to break out of the current range. With the Trump tariff still up in the air, I don't see it happening before January 20th.

So this - the low 1.43's - is likely a buying opportunity in the short term.

Comment (1)

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