Canadian Dollar Update, August 6, 2026 – Canadian Dollar pushing higher

Canadian Dollar pushing higher

• Greenback and Oil steady after subdued overnight session
• US weekly jobless claims are the highlight for today
• USD started the NY session narrowly mixed

USDCAD open: 1.4008, overnight range 1.4003-1.4018. close 1.4013, WTI 75.14, Gold 4,273.37

Traders are awaiting today’s U.S. weekly jobless claims report and Friday’s nonfarm payrolls release. Caution remains the dominant theme, with markets continuing to react to headlines from the Middle East. Trump is once again insisting an agreement with Iran is within reach, while simultaneously warning of overwhelming military action if negotiations fail.

Oil prices are holding firm. WTI traded in a 74.61-76.02 range overnight and was hovering near the upper end of that band in New York trading.

U.S. weekly jobless claims are forecast to increase by 5,000 to 202,000.

Asian markets closed mixed. Japan’s Topix rose 0.24%, Australia’s ASX 200 gained 0.47%, and Hong Kong’s Hang Seng lost 1.49%.

As of 7:20 am, the French CAC-40 is up 0.59%, the German Dax has gained 0.23% and the UK FTSE 100 is unchanged.  S&P 500 futures are up 0.13%, the 10-year Treasury yield is 4.631%, and the DXY is 99.75.

EURUSD was steady in a 1.1536-1.1560 band.  Prices peaked in Asia before drifting lower into the New York open. Traders are looking toward tomorrow’s US nonfarm payrolls report, with this morning’s weekly jobless claims the last checkpoint before then. German factory orders and Eurozone retail sales did not have much impact on trading.

GBPUSD drifted in a 1.3452-1.3472 band as traders wait on US jobs data and any fresh word from the Iran ceasefire talks.

USDJPY climbed in a 157.56-157.90 band as it clawed back a portion of its intervention-driven losses. Economists have pointed out that the joint Japan-US intervention lacked the punch of past episodes, largely because it was a bilateral move rather than a coordinated G-7 effort and question the sustainability of the move.

AUDUSD traded in a 0.7036-0.7061 range getting an early lift from Australia’s surprise trade surplus. (actual A$1.93 billion against a forecast A$1.08 billion). The rally faded into the NY open.