Good afternoon,
Below are the current daily levels vs. the other major
currencies.
USD.CAD 1.0388 up 0.19%
GBP.CAD 1.656 down 0.70%
EUR.CAD 1.4039 down 0.24%
The Canadian dollar lost ground against the US dollar for
the third day in a row. The continued shutout, in addition to falling oil and
gold prices has seen the Canadian dollar sink lower. In more positive news
exports to the US have risen to the highest level since 2011.
The US dollar hit a one week high following President Obama’s
announcement that Janet Yellen is to take charge of the Federal Reserve. The announcement
appears to have fueled speculation that the Fed will carry on its policy of
quantitative easing into the new chairperson’s reign.
The British pound has sunk to a 3 week low versus the US
dollar, following reports out of the UK that production from the industrial
sector declined during August. It appears that the market does not have much
confidence in the UKs ability to maintain its recent good run. Economists aren’t
expecting any surprises when the Bank of England makes its policy decision tomorrow,
with most expecting rates to remain the same.
The overnight
expected range for the Canadian dollar against the US dollar is 1.0280-1.0402
The overnight expected range for the Canadian dollar against
the euro is 1.3950-1.4120
The overnight expected range for the Canadian dollar against
the pound is 1.6450-1.6685
Enjoy your afternoon,
Gavin
Gavin McAvoy | GFX Partners
Inc |Currency Advisor
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