Sticky Registration Sticky Customer Support

Daily Currency Update

Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools

Canadian dollar update – Monday August 10, 2020. Greenback steady to start the week.

FX & market recap:

President Trump used the power of his office to support unemployed workers and employers. Furloughed workers will get $400/week, with individual states asked to kick in another $100/week. He also deferred the employee portion of the payroll tax from Aug 1 until year-end.

Asia stock markets were quiet with Japan and Singapore markets closed. European bourses recouped earlier losses and are all in positive territory as are S&P 500 equity futures. Gold prices are consolidating recent gains, and oil prices are a tad higher. The US and Canada economic calendars are empty.

Canadian dollar highlights:

USD/CAD traded narrowly underpinned by broad US dollar demand. Domestic economic data has been modestly positive. On Friday, Canada added 419,000 jobs in July. Traders were more concerned about the US data, and the US added a better than expected 1.8 million jobs.

Euro highlights:

EUR/USD is suffering from an over-abundance of buyers. The weekly Commitment of Traders reports shows long EUR/USD positions at new record highs, which suggests further gains above 1.1900 will be hard to achieve until the overbought positions subside. The intraday technicals are bearish below 1.1790, and the RSI is overbought.

British pound highlights:

GBP/USD continues to retreat from last week’s peak and is in a minor downtrend while prices are below 1.3080. There weren’t any economic reports, but a report suggesting a third of UK companies are planning layoffs didn’t help sentiment.

Asia Pacific highlights:

USD/JPY consolidated Friday’s post-NFP gains in a narrow 105.73-106.04 range. Increased US/China tensions capped gains. Beijing sanctioned US Senators Cruz and Rubio in response to US actions against Chinese leaders. Meanwhile AUD/USD and NZD/USD traded lower on the back of broad US dollar strength from increased risk aversion sentiment.

Currency Chart

Get access to our market experts and sign up to receive the latest updates on any currency with our real-time exchange rate reports.

Sign up to receive the latest market news from our experts.

Daily Currency Updates
Daily Market Analysis
Get daily intelligence and currency reports directly to your inbox.
Weekly FX Technical Analysis
Weekly Technical Analysis
Get our weekly technical analysis providing valuable insights.
Monthly Currency Outlook
Monthly Currency Outlook
Receive our monthly currency report and help improve your forecasts.

By entering your email address you agree to the MTFX Terms Of Use and MTFX Privacy Policy and agree and agree to receive sales and marketing communications. Unsubscribe at anytime.

FAQs

Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.