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Canadian dollar is weaker to USD, traders are re-evaluating current directions of markets

By MoneyWay | Apr 20, 2021

Now that some of the world’s largest economies are reaching 50% or more on vaccination levels, investors are now changing their strategies as to who will benefit from the new economies. Take out foods will be slow down, indoor dining will increase, recreation travel will increase, buying second properties will increase, and overall indulgent spending will increase.  Investors are now selling the stay-at-home stocks to buy the outdoor stocks and other forms of leisure.

Commodities are down slightly, oil is down $1 USD a barrel, not significant, but still going the wrong direction for the CAD. Offsetting the industrial commodities, agriculture commodities are up, demand is expected to grow even as prices hover around one year highs.

Expect the CAD to trade on the weak side to the USD today.

                             Currently*          Close                     Range

USDCAD               1.2570                   1.2532                   1.2478-1.2586   

EURCAD               1.5138                   1.5085                   1.5057-1.5147

GBPCAD               1.7541                   1.7525                   1.7462-1.7530

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