The loonie holds its ground as oil sits above $80.
USD/CAD spent the week either side of 1.37 while crude stayed bid. For importers, that is a window, not a trend.
Sample note. Connect the Notion database to replace it with the desk’s own writing.
USD/CAD spent the week either side of 1.37 while crude stayed bid above $80. The dollar had every reason to push higher on the data and did not, which tells you where the market’s appetite is this month.
For importers with US-dollar payables in the next quarter, this is a window rather than a trend. A window is something you use. We layered cover for two clients on Thursday and would do the same again at these levels.
What we are watching
- Friday’s employment report, which decides whether the Bank of Canada’s next move is priced for October or December.
- Crude holding $80. If it does not, the loonie’s support goes with it.
The rate you did not hedge is the one that costs you.
General market commentary from the desk, not investment advice and not an offer to trade. Rates shown are the Bank of Canada daily average for the date and are indicative only; ask the desk for a dealable quote.
Read the market with a dealer.
Questions about a note, or about your own exposure. The line is open during dealing hours.
Speak to a Dealer8:00 A.M. TO 5:00 P.M. ET, MONDAY TO FRIDAY