Sticky Registration Sticky Customer Support

Daily Currency Update

Get access to our expert daily market analysis and discover and track your currency pair using our exchange rate tools.

Canadian dollar update – Thursday July 16, 2020. Glass half empty.

FX & market recap:

For the first time in weeks, markets decided to take a glass-half-empty approach, looking through the better-than-expected China 2Q GDP (3.2% vs 2.4% expected) and rather focusing on the softer China June retail sales and the signs of the unevenness of the recovery. Although Asian stocks declined, the negative spillover into the FX world has been and should remain limited, with the near-term focus on the prospects of an agreement on the EU Recovery Fund and its potential boost to risk assets. In the US, the June retail sales should post another decent increase today (helped by the extended unemployment benefits including the extra US$600 per week), helping to offset the cautiousness caused by the China GDP data and in turn keep USD upside fairly limited.

The weekly US jobless claims report, June Retail Sales, and the Philadelphia Fed Manufacturing Index headline a list of American economic reports.

Canadian dollar highlights:

While there was nothing in the BoC MPR to suggest an outsized CAD rally (GDP remaining 8.8% lower year-over-year in Q4 & won’t return to end-2019 levels until around mid-2022; Canada’s potential output will be almost 4% lower in 2022 than projected back in January), widespread CAD strength on the crosses saw USD/CAD test key triple bottom support at 1.3505. A daily close below here would confirm a short-term price top and expose 1.3357 thereafter. Resistance is located at 1.3537 & 1.3585.

Euro highlights:

The ECB meeting today should be a non-event for EUR. No new measures are expected to be announced, the economy is gradually recovering, and the meeting should be more about testing President Christine Lagarde's communication skills rather than any new measures. Near-term, the more important EUR driver is the progress on an EU Recovery Fund with an agreement likely pushing EUR/USD to the 1.15 level. So far, the ECB measures have fully compressed the EUR risk premium and with a soft dollar environment to unfold further in coming months, EUR/USD should head higher, above 1.15 this summer and towards 1.20 by the year end.

British pound highlights:

The UK job numbers turned as expected, so far showing a lack of deterioration due to the furlough scheme. This will eventually change, and the employment situation is set to deteriorate later this year. GBP is back under pressure, being the worst performing G10 currency this week. The trend is set to continue as uncertainty about UK-EU trade negotiations keeps the pound on the back foot.

Asia Pacific highlights:

Australian jobs numbers jumped more than expected overnight, with headline employment rebounding to 211k in June. Usually a key AUD driver, the current virus situation is preventing the Aussie from rallying on good data. Incidentally, AUD is facing some negative spillover from the correction in Chinese equities and the yuan, having the highest correlation in G10 with CNY. AUD/USD may still prove unable to decisively break above 0.7000 today, AUD/NZD could soon be back at 1.0600.

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.


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.