CAD gets stronger ahead of US Jobs report
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2500-1.2600
Euro 1.4850-1.4950
Sterling 1.7300-1.7400
The US Dollar Index is marginally weaker this morning as we await the US Jobs report for August. The market is expecting 750K new jobs to have been created last month which would be a small drop from the previous month but still ahead of the pace seen for most of last year. If the number is higher than expected then we should see the US Dollar jump quite a bit as investors will feel that gives the Federal Reserve enough evidence to start to scale back the amount of stimulus they are putting into the economy.
Ahead of the US Jobs report the Canadian Dollar is quite strong as USD.CAD opens the day at the 1.2525 (0.7984) level which is the currency pairs lowest level in a few weeks. Today of course the US Dollar will be front and centre so what happens next with the currency pair will depend on the US Employment number.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3500-1.3600
Euro 1.4500-1.4600
Sterling 1.6850-1.6950
Bitcoin has jumped above US$17,000 and reached its highest level since December 2017.
Most analysts claim that such a big spike is related to the pandemic and its impact on the global economy. Investors started to move their funds out of stock markets and purchase cryptocurrency as they believe it can become a new shelter from shares volatility.
So, check your crypto wallets, maybe it’s time to reconsider your investment portfolio.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.4250-1.4490
Euro 1.5440-1.5650
Sterling 1.8440-1.8660
