USD/CAD - Loonie Near Record High

The Canadian dollar is trading slightly higher today, closer to its recent high this week. There are no domestic data releases today and none until next week’s current account and Gross Domestic Product data. Expectations for an October rate hike from the Bank of Canada continues to firm up, which is keeping the sentiment around the loonie supportive.

The U.S. dollar is trading relatively flat against its G10 counterparts today ahead of the Jackson Hole Symposium. There are no official Federal Reserve speakers scheduled for today, but various media interviews with policymakers should provide plenty of headline-driven risks. Data releases today are mostly second-tier. Investors have Unemployment Claims, which came in slightly better than expected, as well as Existing Home Sales and Mortgage Delinquencies this morning. Equity futures pointed to a positive open while commodities are trading quietly.

Traders expect a range today of $1.2478 to $1.2565

No major event risk today out of Europe, but there were comments from key participants. European Central Bank Member Ardo Hansson made comments to calm fears of a high euro and Bundesbank President Jens Weidmann has implied that a strong currency is "an expression of relative economic strength". There will be more action tomorrow when Germany will release economic fundamentals. The euro is currently trading at $1.4783.

Investors expect a range today of $1.4740 to $1.4838

U.K. Gross Domestic Product printed in line with expectations of 1.7% y/y and 0.3% q/q. There were other second-tier data, which were generally mixed as Total Investment dropped to 0.0% y/y, Confederation of British Industries Sales in August also fell to 2, but Government Spending grew to 0.6%. The sterling cracked a fresh low, but has recovered most of its loss heading into the North American trading session. The pound is currently trading at $1.6054.

Experts expect a range today of $1.6022 to $1.6110

The Australian dollar remains soft but it has managed to trade off its low during the Asian trading session. A mildly positive sentiment in commodities, especially in copper which is up 0.5%, is helping to limit losses for the commodity currency. There are no major domestic data releases, so focus will be on the Jackson Hole Symposium and general market sentiment.

Oil (WTI): $47.92 U.S. per barrel

Gold: $1,288.50 U.S. per ounce

Silver: $16.99 U.S. per ounce

Copper: $2.9956 U.S. per tonne

Dollar Index: 93.25

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