Canadian Dollar Update – Canadian dollar still pressured

• Markets undecided due to Fed and Russia/Ukraine
• Oil prices trading sideways, bearish bias
• US dollar starts session on a mixed noted

USDCAD open: 1.4111, overnight range 1.4091-1.4115, close 1.4103, WTI 57.73, Gold 4064.23

The Canadian dollar continues to consolidate last weeks losses as traders get comfortable with the currency pair above the psychological USDCAD  1.4000 level. Canada’s ongoing economic woes are well-known and reflected in the price.

The US will be releasing a mess of stale economic reports this week.

Global equities were mixed overnight, with most Asian markets rising while Japan’s Topix barely moved. European bourses are quiet, and early U.S. futures trading is soft, with Treasury yields edging lower and gold pushing higher.

EURUSD traded in a 1.1502-1.1542 band and drifted upward as speculation about a possible end to the conflict in Ukraine encouraged buyers. Traders shrugged at weak German Ifo data, which showed sentiment deteriorating further.

GBPUSD moved within a 1.3085-1.3112 range while traders stayed cautious ahead of the UK budget announcement.

USDJPY shifted inside a 156.39-156.94 band as earlier losses stabilized. Talk of potential rate hikes and renewed intervention threats kept gains restrained, and a BoJ policymaker warned that higher import costs from tariffs could justify tightening in December.

AUDUSD held to a 0.6443-0.6468 range with markets waiting for clearer signals ahead of the December 10 FOMC meeting. The pair continues to find support from expectations the RBA will remain on hold, while traders anticipate the RBNZ may trim rates to 2.25%.