The Canadian dollar to US dollar exchange rate remained relatively stable overnight and into this morning. The USD/CAD pair has been hovering at one-month lows (CAD highs) and moving sideways throughout much of this week, with no sustained breaks above 1.3645. Generally, FX markets have been somewhat directionless due to mixed economic news.
For example, today in the US, a much weaker than expected GDP number was offset by lower than expected weekly unemployment claims. We expect a quiet day for the Canadian dollar as traders prepare for a busy day of economic data tomorrow, which includes the Canadian GDP numbers. We continue to view anything above the 1.36 (USD/CAD) range as a good opportunity for US dollar buyers to take advantage.
The Canadian Dollar is currently trading at 1.3613 against the US dollar.