USD/CAD - Quiet Day for the Loonie

US Dollar vs Canadian Dollar

The Loonie is quiet today as it consolidates in a narrow range. Commodities are mixed this morning with oil consolidating from Friday’s gains. We have Wholesale trade data this morning, which printed below forecast and Retail Sales will release tomorrow.

The USD is trading softer today on quiet market trading. The focus this week will be Jackson Hole this Friday where FED Chair Yellen and ECB President Draghi will speak. Expectations for Fed tightening has once again soften with the possibility of a December rate hike down to 30%. Equities are slightly weaker today as the broader market tone looks to be one of mild risk aversion. On the data front, there’s no major data release today. The next major data release will be US Oil Inventories on Wednesday and Unemployment Claims on Thursday. FC

The expect a range today of 1.2519 to 1.2619

Canadian Dollar vs Euro and Great British Pound

Quiet day on the fundamental front in Europe today, but there will be more data to come later this week. Perhaps the most anticipated event this week will be Draghi’s appearance in Lindau, Germany on Wednesday and Wyoming, US on Friday where he will be speaking. There are rumours that he is expected to make no major shift in tone in his appearances. The Euro is currently trading at 1.4810. CK

We expect a range today of 1.4759 to 1.4888

No major event risk today and for the most part of the week for the UK. The Sterling should be trading on broader sentiments leading up to Thursday’s GDP print, which is expected at 0.3% q/q and 1.7% y/y. The Sterling is currently trading at 1.6206. CK

We expect a range today of 1.6192 to 1.6259

Canadian Dollar vs Australian Dollar and New Zealand Dollar

The Aussie is holding onto its gains on Friday, as it trades close to its recent high. A stronger copper is helping to keep the commodity currency well supported. Copper on the Comex jumped 1% as it test a new multi-year high. There’s no major data releases this week so we expect the AUD to trade largely on broader market sentiments. FC

Oil (WTI): 48.28
Gold: 1288.91
Silver: 17.07
Copper: 2.9745
Dollar Index: 93.22

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