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. EUR, GBP, USD & CAD Forecast.

USD remains stable; CAD risk dissipates with another Liberal minority government

USD - US Dollar

Market’s focus is firmly on Chinese property developer Evergrande’s distressed financial situation and the possible spill-overs into the broader Chinese real estate sectors. Chinese markets are closed for a second consecutive day due to a national holiday, and the Hang Seng continued to be the absorb investors’ concerns, although only trading 0.5% lower this morning. We could be looking at some tentative signs of stabilization in market sentiment today after yesterday’s big slump in equities, but with Chinese markets re-opening tomorrow, it seems too early to expect calmer waters just yet.

In FX, the sharp drop in equities has not translated into USD strength across the board yesterday and this might be due to some investors possibly expecting that the Fed will refrain from sending any hawkish signal given the current turmoil in the stock market.

CAD - Canadian Dollar

The incumbent Liberal Party led by PM Trudeau will likely form another minority government with the left-leaning, natural ally, the NDP, which would maintain the status quo. With postal votes yet to be fully counted, the Liberals are projected to have won 157 seats, which is short of the 170-seat majority it was seeking when Trudeau called the snap election, but still larger than the 121 seats projected to have been won by the Conservative Party. Bloc Quebecois is expected to have won 31 seats, the NDP 27 and the Greens 2. Despite the unpopularity in the electorate of Trudeau’s decision to call a snap election during the fourth wave of Covid, the Liberals are projected to have lost no seats; the Conservatives are also projected to have kept the same number of seats relative to 2019. The NDP is expected to have picked up three seats, which will give it only modestly more say in a coalition with the Liberals. A bit of the political uncertainty baked into the CAD around the election will ease. This would be a modest boost for the currency, however, in our view. Models show USD/CAD was trading only modestly above its short-term fair value ahead of the election. Indeed, we believe a surprise win by the Conservatives would have been a larger positive for the CAD given the Party’s larger spending pledges and looser environmental regulations for businesses. The new minority government will press ahead with its spending pledges as well as an increase to the corporate tax rate on companies with profits over CAD1bn and the imposition targets on petroleum producers every half-decade starting in 2025.

EUR - Euro

The intensifying central bank activity this week means that the focus should mostly be on EUR crosses as other European currencies may see idiosyncratic drivers while the eurozone’s calendar looks quite dull before Thursday’s PMIs. Incidentally, remarks by some ECB speakers have followed the recent cautiously optimistic stance heard around Frankfurt, and ultimately had no impact on the euro. We do not expect anything different should vice-President Guindos deliver some policy-related comments this morning. EUR/USD should remain solely remain driven by the dollar and global sentiment dynamics. For now, the EUR’s low-yielding status appeared to keep the common currency relatively protected from swings in sentiment, especially when compared to the GBP.

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.