USD might weaken again as the stock market starts to recover
Today's expected range for the Canadian Dollar against the US Dollar is 1.3350-1.3450
Today's expected range for the Canadian Dollar against the Euro is 1.5500-1.5600
Today's expected range for the Canadian Dollar against Sterling is 1.7000-1.7100
The US Dollar index is marginally weaker this morning but that is only after it had another surge last night as a result of declining stock prices and growing virus cases throughout Europe. There was some positive news for the markets this morning as House democrats have proposed a $2.4 Trillion rescue package for the US economy and it now has to go the Republicans for negotiations and then of course it has to be signed by Trump to get passed. Stocks are pointing some 200 points lower at the moment but if there are signs that this deal can get passed then they should recover and the Greenback will start to weaken again.
The Canadian Dollar has recovered a little of its weakness to the US Dollar but USD.CAD still remains at the high end of recent activity. Yesterday saw the currency pair touch the 1.3415 (0.7454) level before pulling back to open this morning at 1.3375 (0.7477). The Loonie should remain range bound for the time being but if stocks continue to fall then our dollar will remain weak for the short-term.
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Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.4240-1.4460
Euro 1.4860-1.5080
Sterling 1.7600-1.7830
Canadian Dollar is often referred to as "The Loonie", because of the loon bird that's featured on the $1 coin. In fact, this nickname became so popular that the Royal Canadian Mint, the coin manufacturer, trademarked it in 2006.
The Loonie was introduced in 1987 as a replacement for a paper dollar. For the most part, it was done as a cost-saving measure. The very first 11-sided Loonie coin was designed by a Canadian artist Robert-Ralph Carmichael.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3700-1.3800
Euro 1.4525-1.4625
Sterling 1.6500-1.6600
