Year-End Markets Update: USD/CAD Stability as We Welcome the New Year
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3580-1.3830
Euro 1.5940-1.6190
Sterling 1.8300-1.8550
WTI Oil (opening level) $57.73
The CAD/USD is opening at 1.3708 ( 0.7295 )
Happy New Year!
USD/CAD continues to trade in a tight range around 1.37 amid thin trading volume.
US Dollar Index, ticks higher to 98.40, the highest level seen in a week.
USD gained sharply on Tuesday, as Federal Open Market Committee minutes of the December policy meeting showed that most officials supported the need for further interest rate cuts after the December cut if inflation starts cooling down.
The latest Consumer Price Index data showed that the headline inflation decelerated to 2.7% year-on-year (YoY) in November down from 3% in September.
CAD trades calmly on expectations that the Bank of Canada won’t cut interest rates in the near term. The expectations of the BoC leaving rates at their current levels are backed by inflation remaining steady around the 2% target in the last few months.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2975-1.3075
Euro 1.3550-1.3650
Sterling 1.5850-1.5950
Canadian Dollar is often referred to as "The Loonie", because of the loon bird that's featured on the $1 coin. In fact, this nickname became so popular that the Royal Canadian Mint, the coin manufacturer, trademarked it in 2006.
The Loonie was introduced in 1987 as a replacement for a paper dollar. For the most part, it was done as a cost-saving measure. The very first 11-sided Loonie coin was designed by a Canadian artist Robert-Ralph Carmichael.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2750-1.2850
Euro 1.5300-1.5400
Sterling 1.7450-1.7550
