The euro was strengthened due to hot regional inflation reports, while the British Pound got some advantage from the agreement on Northern Ireland Brexit Protocol
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3550-1.3650
Euro 1.4350-1.4450
Sterling 1.6400-1.6500
WTI Oil (opening level) $77.07
The US Dollar index is marginally weaker this morning as both the Euro and Pound jumped a little higher overnight in response to market developments. In the EU, a couple of regional inflation reports came in hotter than expectation which is leading investors to consider higher interest rates from the ECB. Meanwhile in the UK, an agreement in principle has been reached on the Northern Ireland Brexit Protocol, the deal still needs to be passed by the UK government and agreed to by the political parties in Northern Ireland but at the moment investors are pleased with the results.
The Canadian Dollar has been able to hold onto its current levels against the US Dollar but with the overnight strength in both the Euro and Pound the Loonie lost ground to most other currencies. The Canadian market will await the GDP report for December this morning as the expectation is for the annualized growth rate to have fallen from 2.9% in November to just 1.5% in December. A poor number will be an excuse for the Loonie to drop and USD.CAD to move higher.
Stocks are again pointing higher for the 2nd day in a row but with the lack of US data today the Canadian Dollar may be the big mover as the Greenback should remain stable.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3550-1.3650
Euro 1.4450-1.4550
Sterling 1.6350-1.6450
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2800-1.2900
Euro 1.3550-1.3650
Sterling 1.6100-1.6200
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.
