U.S. dollar within 35-point range
The U.S. dollar momentarily dropped to 0.9935 Canadian as the market reacted positively to the European Central Bank and Bank of England rate decisions. The move was short-lived as weaker Canadian data and U.S. jobless claims pushed the pairing back to the 0.9960 area where it has sat for most of this week. Tomorrow, Canadian Employment data will be released, which will have an impact on the market. We expect a range today of 0.9930 to 1.0000 Canadian The euro has had a busy overnight session as markets react to the ECB rate decision. The ECB announced it would keep rates on hold which provided a boost for the euro to 1.3520. The run higher was quickly stopped as comments from President Mario Draghi pushed the euro back down and is now currently changing hands at yesterday’s close of 1.3450 Canadian. We expect a range today of 1.3400 to 1.3500 Canadian The Pound-Sterling-Canadian-dollar pairing is better supported today after the BoE left rates unchanged at 0.5% and made no change to its asset purchase program. Incoming Governor Mark Carney also reaffirmed that flexible inflation targeting is appropriate in his statement in front of the Treasury Select Committee. The pairing retraced yesterday’s losses and is currently trading at 1.5637 Canadian in the North American open. The Australian dollar is better supported today after Australian employment came in stronger than expected. However, most gains to employment were part time jobs. The Australian-Canadian-dollar is taking a break from its recent downward move with price remaining in the lower end of its range. The New Zealand-Canadian-dollar pairing is trending slightly lower after yesterday’s drop. Technical turns bearish on the pair with support coming in at 0.8300 Canadian to cap today’s loss. Data Releases CAD: Building Permits AUD: No data today EUR: ECB Rate Decision GBP: BOE Rate Decision JPY: No data today NZD: No data today USD: Initial Jobless Claims
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