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Canadian Dollar continues to set new highs against American Dollar


29.04.2021
Canadian Dollar continues to set new highs against American Dollar

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

US Dollar         1.2250-1.2350

Euro                 1.4850-1.4950

Sterling            1.7100-1.7200

 

The US Dollar Index is lower this morning as the world's markets react to the statements from the US Federal Reserve yesterday. As was expected the Fed kept its interest rate near zero and did not make any changes to its stimulus plan but they did acknowledge that the US economy is improving but there are still risks that could derail the US recovery. Stocks are all higher as a result of the Fed's policy, Apple, Alphabet (parent of Google) and other big tech companies all pushed great results which showed consumers were embracing technology during the pandemic. They did mention in their press releases that the looming semiconductor chip shortage is affecting business so this could be something that will rile markets down the road.

 

The Canadian Dollar is on quite a roll and set new recent highs overnight with USD.CAD falling to trade at 1.2280 (0.8143), you would have to go back to early 2015 to see the last time that the Loonie was this strong against the US Dollar, the Loonie is also picking up more strength against the other currencies as well albeit not as fast. It certainly looks like the Loonie has more room to run but as always exercise caution if you are a US Dollar buyer and are waiting for more movement in your favour.

 

On the calendar this morning we get the first look at the US 1st Quarter GDP report and it is expected to show the economy grew at an annualized rate of 6.1% which would be one of the best quarterly growth rates every. If the numbers are better than expected look for stocks to jump higher and the US Dollar to fall back some more.

 



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04.12.2023

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

US Dollar        1.3500-1.3600

Euro                1.4675-1.4775

Sterling           1.7100-1.7200

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

US Dollar         1.2600-1.2700

Euro                 1.5000-1.5100

Sterling            1.7500-1.7600

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

US Dollar             1.3600-1.3700

Euro                     1.3450-1.3550

Sterling                1.5400-1.5500