USD/CAD - Jackson Hole Meeting Looms

The Canadian dollar is trading slightly higher today as it tests a multi-week high. There are no domestic data releasing today, so focus will be on U.S. Federal Reserve Chief Janet Yellen and European Central Bank President Mario Draghi's speeches later this afternoon. Oil prices remain soft as they trade in the middle of their recent price range.

The U.S. dollar is trading slightly softer this morning as investors head into the Jackson Hole Symposium today. U.S. data released this morning and was supportive as Core Durable Goods Orders came in slightly better than expected. Focus will be on the policymakers’ remark at the Jackson Hole Symposium today with the main spotlight on Yellen’s speech at 12:00 p.m. ET and Draghi’s speech at 3:00 p.m. ET.

Experts expect a range today of $1.2477 to $1.2565

German fundamentals provide the theme of the day and they were mainly mixed. German Gross Domestic Product printed in line with expectations of 0.6% q/q and 2.1% y/y while German IFO Business Climate and Expectations exceeded forecasts, but Current Assessment reading disappointed. The euro had a downward trending week and is currently sitting near weekly lows of $1.4769.

Investors expect a range today of $1.4729 to $1.4827

No event risk out of the U,K, this morning. The sterling seemed to be holding up after suffering a week of losses and dropping around two cents. GDP figures yesterday released as expected, but revealed that they were among the G7 countries that expanded at the slowest pace this year. The pound is currently trading at $1.6041.

Observers expect a range today of $1.6026 to $1.6125

The Australian dollar is regaining some loss ground today as observers head into the Jackson Hole Symposium. A slightly weaker U.S. dollar combined with a more positive sentiment in the metal space, especially copper (which hit another new high), is helping to keep the Aussie lifted this morning. Focus will be on Yellen and Draghi’s speeches later today.

Oil (WTI): $47.52 U.S. per barrel

Gold: $1,291.73 U.S. per ounce

Silver: $17.12 U.S. per ounce

Copper: $3.0432 U.S. per tonne

Dollar Index: 93.25

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