- The Canadian Dollar (CAD) is struggling to gain ground in the American session.
- All eyes are on the Bank of Canada rate call scheduled for Wednesday, which is expected to impact CAD traders.
- Market movements reflect shifts in risk appetite, causing fluctuations in the safe havens.
On Tuesday, the Canadian Dollar (CAD) faced further downward pressure, managing only a brief recovery before sliding back to the day’s lows, losing a quarter of a percent against the US Dollar (USD). Market sentiment was disrupted in early Tuesday trading following Moody’s downgrade of China’s credit outlook, leading to broad gains for the US Dollar throughout the day.
Wednesday will feature the Bank of Canada (BoC) rate decision, with money markets anticipating a rate hold and dovish adjustments from the Canadian central bank.
Notably, crude oil markets experienced a mixed day, with West Texas Intermediate (WTI) initially falling, but later making a recovery 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 awaiting the BoC’s rate call, with US Dollar flows driving market activity.
- Anticipation is high for the BoC to keep rates unchanged, although some dovish changes in the central bank’s communication are expected.
- The BoC overnight rate is projected to remain at 5%, with BoC Governor Tiff Macklem likely to shift focus from inflationary risks to Q3 performance.
- Moody’s downgrade of China’s credit outlook led to early market turmoil, boosting the US Dollar and causing a ripple effect on the Canadian Dollar.
- In the US, data was mixed, with the ISM Services PMI outperforming expectations, while JOLTS Job Openings for October fell short of projections.
- The US job market remained tight, presenting its lowest job openings in over two and a half years through the JOLTS report.
- Crude Oil suffered from declining global demand and rising crude stocks, although a potential discussion between Russia and UAE aimed to stabilize prices.
Canadian Dollar price today
The table below shows the percentage change of Canadian Dollar (CAD) against major currencies today, with the Canadian Dollar showing weakness against 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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