USD/CAD - No Economic Data Releases for Canada Today

No economic data will be released from Canada today. The market anticipation for the Bank of Canada to raise interest rate next week on September 6 is muted by the fact that there is no press conference scheduled. The biggest fundamental this week will be Thursday Gross Domestic Product and slow growth is expected, but the market is still looking at the BOC October meeting for an interest rate hike.

The Jackson Hole Symposium provides a platform for Central Bankers to share thoughts on event risks and guidance on monetary policy. U.S. Federal Reserve Chair Janet Yellen's speech offered little for the market to absorb, with no comments of the Fed's balance sheet normalization goals and no insight on future rate hikes the greenback traded lower against its G10 counterparts. U.S. Trade Balance Figures this morning showed imports continue to expand over exports and expectations were for $-64.5 billion and data printed at $-65.1 billion. Next biggest event risk will be US GDP on Wednesday.

Experts expect a range today of $1.2412 to $1.2485

Europe has been quiet on the fundamental front as no major event risk released today. The action will start tomorrow when French GDP and German Consumer Confidence release and forecast are for 0.5% and 10.8 respectively. The euro has slipped and is currently trading at $1.4865.

Market watchers expect a range today of $1.4836 to $1.4895

The U.K. is on a bank holiday today leaving the sterling with not much to trade on. Nationwide House Prices will start the week off tomorrow for the U.K., and it is expected to release at 2.5% y/y and 0.0% m/m. The pound sterling is currently trading at $1.6090.

Observers expect a range today of $1.6026 to $1.6125

The Australian dollar is well supported today as it holds onto Friday’s gains. Strong sentiment in the commodity space has helped keep the Aussie into positive territories. In the absence of any significant domestic data today, the Aussie is expected to be influenced by broader market sentiment. Resistance around the $0.7955 area is capping gains for the Aussie-U.S.-dollar pairing for the time being as the pair eyes the key psychological level at $0.8000.

Oil (WTI): $47.78 U.S. per barrel

Gold: $1,298.03 U.S. per ounce

Silver: $17.19 U.S. per ounce

Copper: $3.0616 U.S. per tonne

Dollar Index: 93.19

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