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USD Softens, Canadian Dollar Strengthens: Market Eyes Trade Balances Amidst Quiet Session


07.02.2024
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.

 



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23.01.2023

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

US Dollar             1.3300-1.3400

Euro                     1.4500-1.4600

Sterling                1.6500-1.6600

01.09.2021

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

US Dollar             1.2550-1.2650

Euro                     1.4850-1.4950

Sterling                1.7300-1.7400

09.03.2021

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

US Dollar         1.2550-1.2650

Euro                 1.4950-1.5050

Sterling            1.7450-1.7550