USD/CAD - Currency at Year-Long Highs

Canadian investors are waiting for gross domestic product figures out tomorrow morning at 8:30. The previous month's release pushed the Bank of Canada to raise rates for the second time this year earlier in the month. Rhetoric from Bank of Canada Governor Stephen Poloz saw Canadian dollar bulls sell positions, as the governor gave an economic progress report in St John's, NL titled "Data Dependent."

U.S. President Donald Trump's Tax plan has given the so-called "Trump trade" new breath, as equities rose on speculation that the largest tax cut in U.S. history would see corporate taxes cut to 20%. Initial Jobless Claims were slightly above expectations of 270,000 and posted at 272,000. U.S. second-quarter Annualized GDP headlined at 3.1% from forecasts and previous readings of 3.0%. Advanced Goods Trade Balance posted $-62.9b forecasts for $-65.1b. More Federal Reserve presidents are due to speak today with the Vice Chair Stanley Fischer due at 10 am.

Experts expect a range today of $1.2411 to $1.2534

German inflation in September hit the mark at 0.1% m/m and 1.8% y/y, while Consumer Confidence Survey in October fell short of expectations of 11 and printed at 10.8. Euro-zone Confidence is on the rise as Economic, Industrial and Services all posted better than expected numbers, while Consumer Confidence printed in line with expectations. The euro is currently trading at $1.4675.

Observers expect a range today of $1.4632 to $1.4714

Bank of England economist Andrew Haldane made comments and added further support to the majority of policymakers who are in favour of a stimulus tightening, as the economy is, in his words, "nearing the point". Analysts are expecting Bank of England to raise rates by 25 basis points in November. No major economic fundamental data release this morning, but Consumer Confidence Survey in September will print this evening. The pound sterling is currently trading at $1.6721.

Traders expect a range today of $1.6652 to $1.6783

The Australian dollar continues its downward trend and tested a new weekly low overnight. The Aussie has been in decline for the fourth consecutive trading session this week, as declining iron ore, copper and gold prices put downward pressure on the commodity currency. There are no major data releases from Australia, so the Aussie will continue to trade with broader market sentiments and metal prices.

Oil (WTI): $52.63 U.S. per barrel

Gold: $1,283.88 U.S. per ounce

Silver: $16.78 U.S. per ounce

Copper: $2.939 U.S. per tonne

Dollar Index: 93.07

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