- The Canadian Dollar sees brand-new lows however looks for a grip in the American session.
- Bank of Canada rate get in touch with Wednesday to draw CAD traders’ attention.
- Shifts in danger appetites have the marketplaces moving in and out of the safe houses.
The Canadian Dollar (CAD) took a dive again on Tuesday, experiencing a brief comeback before slipping back into the day’s lows, shedding a quarter of a percent versus the United States Dollar (USD). Market sentiment rattled through early Tuesday trading after Moody’s lowered China’s credit outlook, sending the United States Dollar broadly higher on the day.
The Bank of Canada (BoC) makes an appearance on Wednesday with the Canadian central bank’s latest rate call, and currency markets anticipate another rate acceptance dovish tweaks from the BoC.
Petroleum markets are mixed on Tuesday as West Texas Intermediate (WTI) plunges throughout the day before a recovery back to the high side during the American market session.
Daily Digest Market Movers: Canadian Dollar tracks Crude Oil in both directions as markets weigh risk positioning
- Canadian Dollar traders are sidelined ahead of the BoC’s Wednesday rate call, United States Dollar flows drive the quotes.
- Currency markets anticipate the BoC to stand pat on interest rates today, though some dovish tweaks to the Canadian central bank’s talking points are expected.
- BoC overnight rate to stay at 5%, BoC Governor Tiff Macklem expected to omit comments about inflationary threats and focus on weaker Q3 performance instead.
- Broad-market sentiment took a hit early on Tuesday after Moody’s downgraded China’s credit outlook from stable to negative, pushing markets into the United States Dollar and forcing down the Canadian Dollar as a ripple effect.
- United States data is mixed on Tuesday with the Institute for Supply Management’s (ISM) Services Purchasing Managers Index (PMI) coming in better than expected, while the JOLTS Job Openings for October printed less available job posts than expected.
- The United States job market remains tight with the JOLTS posting its lowest job openings in over 2 and a half years.
- Petroleum markets are mixed on the day with fossil fuel quotes under pressure from declining global demand and increasing crude stocks.
- Russia, UAE to discuss achieving wider unity on OPEC production cuts, backstopping Crude Oil quotes on Tuesday by preventing further decreases.
Canadian Dollar rate today
The table below shows the percentage change of Canadian Dollar (CAD) versus listed major currencies today. Canadian Dollar was the weakest versus the Japanese Yen.
USD EUR GBP CAD AUD JPY NZD CHF USD 0.40% 0.32% 0.38% 0.98% -0.08% 0.58% 0.30% EUR -0.39% -0.07% 0.02% 0.60% -0.46% 0.21% -0.07% GBP -0.32% 0.08% 0.09% 0.68% -0.36% 0.29% 0.00% CAD -0.39% 0.00% -0.09% 0.57% -0.45% 0.21% -0.09% AUD -0.99% -0.59% -0.68% -0.59% -1.04% -0.39% -0.68% JPY 0.07% 0.44% 0.35% 0.43% 1.04% 0.64% 0.36% NZD -0.58% -0.18% -0.26% -0.19% 0.40% -0.66% » …
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