USD Softens, Canadian Dollar Strengthens: Market Eyes Trade Balances Amidst Quiet Session
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3450-1.3550
Euro 1.4450-1.4550
Sterling 1.6950-1.7050
WTI Oil (opening level) $73.97
The US Dollar Index is marginally weaker this morning in a quiet overnight session, the Greenback gave back some of its strength from earlier in the week in what looks like some range trading back and forth, at the moment nothing has fundamentally changed that would alter the expectation for a stronger dollar and weaker stocks.
The Canadian Dollar was able to recover a little strength on the weaker Dollar yesterday and into the overnight session as USD.CAD fell to trade at 1.3465 (0.7429), it was able to make some small inroads against the other currencies so overall a good 24 hours for the Loonie. If you need some USD look to take advantage of this move.
Not a lot on the calendar today, we do get the US and Canadian Trade Balances for December, the market will be watching to see if Canada can maintain a surplus with the US despite the slowdown in our economy. Stocks had a positive day yesterday but are flat on the opening so look for the currency markets to remain quiet and range trade throughout the day.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2950-1.3050
Euro 1.2950-1.3050
Sterling 1.5300-1.5400
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2400-1.2500
Euro 1.4350-1.4450
Sterling 1.6950-1.7050
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3250-1.3350
Euro 1.5600-1.5700
Sterling 1.7150-1.7250