USD/CAD - Quiet on Canadian Fundamental Front

The Canadian dollar is starting the week off flat from Friday’s closing price. Main event risk this week will be on Bank of Canada Governor Stephen Poloz‘s speech and press conference on Wednesday morning. The topic of the speech has not been announced at this time.

The U.S. dollar is trading stronger against most of its G10 counterparts this morning. There is a full schedule of U.S. data releases this week, but this may be overshadowed by a number of central bank speakers over the week. Investors will hear from European Central Bank President Mario Draghi as well as from U.S. Federal Reserve Speakers William Dudley, Charles Evans and Neel Kashkari today. Investors will also hear from Bank of England Governor Mark Carney, U.S. Fed Chair Janet Yellen and Canada's Poloz over the next few days. Markets will likely take a cautious tone ahead of all the central bank speakers as investors will pay attention to any policy shifts from the central banks.

Those in the know expect a range today of $1.2252 to $1.2368

President Draghi is the first of four central bank leaders who will be taking centre stage this week. Draghi will be speaking today in Brussels. German election results shook the euro this morning as Chancellor Angela Merkal won, but only got a smaller share of the vote as the country’s main far-right party won more than expected. German IFO data released this morning and were softer than expected in all three areas of Business Climate, Expectations and Current Assessment. The euro is currently trading at $1.4625.

Traders expect a range today of $1.4579 to $1.4678

Moody’s downgraded the U.K.’s sovereign rating to Aa2 on Friday after they cited weak U.K. public finances and the erosion in medium-term economic strength from Brexit. Carney will finish off the round of central bank speakers on Thursday. No major event risk today. The pound is currently trading at $1.6657.

Experts expect a range today of $1.6599 to $1.6727

The Australian dollar is trading flat today as it consolidates in a narrow range. The commodity currency tested a new low last week after Standard and Poors lowered China’s credit rating. The Aussie was able to recover from the low but experts expect the commodity currency to remain soft on weaker sentiment in iron ore and copper prices.

Oil (WTI): $51.17 U.S. per barrel

Gold: $1,292.16 U.S. per ounce

Silver: $16.87 U.S. per ounce

Copper: $2.9259 U.S. per tonne

Dollar Index: 92.52

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