USD/CAD Open: 1.3720-24, Overnight Range: 1.3692-1.3736, Previous Close: 1.3719
WTI Oil open at $87.76 and gold open at $1,977.74. US markets are mixed today.
For today, USD resistance is at 1.3702. Support is at 1.3656.
Don't Waste Money With Banks.
Get Exchange Rates Up to 2% Better With KnightsbridgeFX
The Canadian dollar is a victim of poor risk appetite and its diminished stance as a petro-currency. West Texas Intermediate (WTI) oil prices continue to grind out gains and are looking for a decisive move above $90.00/barrel to extend the rally to $100.00. The Canadian dollar is not seeing much benefit from the moves.
That’s because of Canada’s anti-fossil fuel policies. Environment and Climate Change Minister Steven Guilbeault is a rabid, anti-oil zealot and his government’s numerous energy investment barriers ensure foreign investors shun Canada. It also serves to lower Canadian dollar demand.
Multi-national oil companies are not prepared to surrender to climate change zealots. Two weeks ago, Exxon agreed to buy Pioneer Natural Resources for $63.0 billion and this morning Chevron announced plans to buy Hess Corp for $53.0 billion.
Canadian dollar traders are awaiting Wednesday’s Bank of Canada interest rate decision. Almost everyone expects the BoC to leave rates unchanged. It may be a somewhat hawkish hold as Governor Tiff Macklem is sure to leave the door ajar to further rate hikes.
Meanwhile, fears that the Middle East crisis would explode over the weekend did not materialize which helped to temper negative risk sentiment.
EURUSD traded within a 1.0572-1.0616 bracket, with Thursday’s ECB monetary policy meeting drawing attention. Market participants anticipate that forthcoming Eurozone PMI figures and German IFO statistics will bolster the case for maintaining current interest rates.
GBPUSD moved within the 1.2143-1.2185 boundaries, pressured by disappointing retail sales and producer price figures from Friday. Investors look to Tuesday’s UK employment statistics for potential cues.
USDJPY inched higher in a 149.78-150.00 band. The currency pair was underpinned by the US Treasury yield surpassing the 5.0% threshold. Rumors abound that the escalating treasury yields might prompt the Bank of Japan to adjust the parameters of its yield curve control (YCC) at the forthcoming session.
AUDUSD showcased a bearish tilt, trading between 0.6289 and 0.6323. The selling pressure stems from apprehensions around Chinese growth amidst geopolitical strains.
Markets in New Zealand were shut due t the Labour Day holiday.
We are built to beat bank exchange rates and save you money
KnightsbridgeFx is registered with FINTRAC, under the MSB registration number M09819788. Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.
Our Offices
Main office (Appointment only)
First Canadian Place
100 King Street West
Suite 5700 Toronto, ON,
M5X 1C7
(416) 479-0834
Toll-Free: 1-877-355-5239
Fax: 1-877-355-5239
All rights reserved. Knightsbridge Foreign Exchange
Currency Exchange Canada.
