Canadian dollar is getting a little boost against its major counterparts today, gaining ground as concerns about what’s happening in Syria ease a little. Additionally, Forex traders are waiting for information on policy from the Bank of Canada on Wednesday, as well as August employment data slated to be released on Friday.
Loonie is getting a little help today, heading higher as concerns about Syria ease. Worries about imminent US action in Syria are receding. President Barack Obama has said that he will ask Congress to vote on action in Syria — something that won’t happen until at least next week, since Congress doesn’t return until September 9.
There is also interest in what the Bank of Canada policy announcement will be on Wednesday. While interest rates are likely to remain at one per cent, Forex traders will be looking for clues that maybe rates will rise relatively soon. Statistics Canada will release employment data on Friday, and there are expectations that jobs have been added to the economy.
However, there is an element of overshadowing. A lot of Forex traders are waiting on US economic data and policy announcements.
At 13:21 GMT USD/CAD is down to 1.0512 from the open at 1.0547. EUR/CAD is down to 1.3844 from the open at 1.3915. GBP/CAD is down to 1.6360 from the open at 1.6395.
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