Trusted Foreign Exchange and Telecom Partner SINCE 2001

Navigating currency markets: anticipating the impact of US inflation report on the Greenback and Canadian Loonie


12.03.2024
Navigating currency markets: anticipating the impact of US inflation report on the Greenback and Canadian Loonie

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3450-1.3550

Euro                1.4700-1.4800

Sterling           1.7200-1.7400

 

WTI Oil (opening level) $77.77

 

The US Dollar index is steady ahead of the latest inflation report due out later this morning. It is expected that the inflation rate will have remained at 3.1% in February which will match the January number and still remain well above the Fed's 2% inflation target. A print higher than the 3.1% number will help push the US dollar higher and a print below this level should help to push the dollar lower as the expectation for the first interest rate cut should start to grow.

The Canadian Dollar is a little stronger this morning as it picked up some small gains against most currencies overnight. USD.CAD opens the day near the 1.3475 (0.7421) level, where it goes today will of course depend on what the US inflation report is.

Stocks finished a little higher yesterday and are pointing to a flat opening as investors await the inflation news. Whatever happens with the report it should be a volatile morning and make sure you have your orders in to take advantage of any movement in the Loonie.

 



Comment (0)
Name*:
E-mail*:
Comment*:
Security code* (enter digits in the frame)
Security code
Also read
18.06.2021

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.2325-1.2425

Euro                 1.4675-1.4775

Sterling            1.7150-1.7250

22.07.2024

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3750-1.3850

Euro                 1.4925-1.5025

Sterling            1.7750-1.7850

18.03.2021

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.2375-1.2475

Euro                 1.4800-1.4900

Sterling            1.7275-1.7375