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Canadian dollar is stronger

By MoneyWay | Jul 23, 2020

The Canadian dollar is stronger as commodities are picking up. Oil is trading at $42 USD a barrel, gold is up $26 USD an ounce, while silver is trading around $23 USD an ounce, copper is close to $3.00 USD a pound, these are all recent highs, giving weight to the CAD.

Also, Canada was able to retain its AAA rating with Standards & Poor thereby keeping its interest costs lower than anticipated, hopefully this is not a signal the Canadian government will go on a further spending spree during this pandemic.

Expect a narrow range today.

                                Currently             Close                     Range

USDCAD               1.3365                   1.3417                   1.3366-1.3427

EURCAD               1.5526                   1.5524                   1.5477-1.5546

GBPCAD               1.7045                   1.7086                   1.6980-1.7090

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