Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3900-1.4150
Euro 1.6100-1.6360
Sterling 1.8500-1.8750
WTI Oil (opening level) $60.66
The CAD/USD is opening at 1.4014 ( 0.7136 )
The Canadian Dollar is steady on the session after sliding through 1.40 amid a broader wave of US Dollar gains over the course of the week
Gold dipped back below USD 4,000 following another turbulent session that saw silver briefly break above USD 50 for the first time since 1980, before slumping 5.4%. Prices stabilised during the Asian session with gold at USD 3,976 and silver at USD 49.6. Overbought technicals have left both metals vulnerable after a torrid four-day surge, and the coming days will show whether USD 50 once again proves a major ceiling. Much depends on whether gold still has more upside before a long-overdue consolidation—or even a correction—sets in. Silver is no longer cheap relative to gold, with the gold–silver ratio trading below its ten-year average near 81. Platinum and palladium also eased.
Oil steadied near recent lows, holding the week’s sharpest drop amid cautious optimism over easing Middle East tensions and improved supply prospects. WTI traded below USD 62 after Thursday’s 1.7% fall, while Brent hovered near USD 65. Israel’s approval of a peace framework, including hostage and prisoner exchanges, supported sentiment.
Headlines
· Trump said he would travel to Israel after Israel said it would sign an agreement with Hamas that would release 2,000 prisoners in exchange for the last Israeli hostages.
· The US and Finland have agreed to build eleven icebreakers together, with four to be built in Finland and seven in the US with the aid of Finish expertise, a move seen as a geostrategic commitment to security in the Arctic region.
· Japan’s producer prices rose 2.7% year-on-year in September 2025, matching August's pace but exceeding the forecast of 2.5%. Costs increased for most components while falling for chemicals, iron and steel, and petroleum. Month-on-month, producer prices increased by 0.3%, reversing August's 0.2% decline and topping the 0.1% forecast.
· ECB officials agreed the current policy supports the 2% inflation target. Views on inflation risks varied, but interest rates are seen as sufficient to handle potential shocks. The euro area economy is strong but faces growth risks, including geopolitical tensions. The ECB cut rates by 200 bps from June 2024 to June 2025, pausing after hitting the target. Rates are expected to remain steady, with possible tightening in late 2026.
Key Points
· Equities: US slipped as shutdown delays data and focus turns to earnings; Europe mixed with DAX at record while banks dragged the STOXX; Asia split as China rallied on rare-earth controls and Hong Kong fell on HSBC’s Hang Seng bid.
· Volatility: VIX steady. Dispersion high. Powell cautious. Earnings season risk builds.
· Digital assets: BTC steady; ETH weak; IBIT/ETHA dip; Luxembourg buys BTC ETFs.
· Currencies: JPY finds broad support overnight after recent notable weakness.
· Commodities: Silver tops USD 50 for the first time in 45 years. BCOM near highest weekly close in three years.
· Fixed Income: Treasury yields rangebound, High yield credit spread see biggest spike in over a month on weak risk sentiment.