Canadian dollar unchanged, oil moving higher

By MoneyWay | Feb 19, 2019

Mixed signals this morning has left the USDCAD unchanged, while oil prices have touched a three-month high. OPEC production cuts have started to impact oil while expectations of positive trade talks between China and the US has also given oil a boost. This news however has not been reflected to the Canadian dollar, CIBC Capital Markets has come out stating that “The Canadian dollar may need to fall to the lowest levels in at least 15 years to allow exporters to drive the nation’s expansion”, relatively weak productivity is hampering the nation’s businesses, making them higher-cost producers than their U.S. counterparts, they said.

As a result the USD is unchanged.

Currently             Close                     Range

USDCAD               1.3250                   1.3240                   1.3234-1.3281

EURCAD               1.5014                   1.4975                   1.4949-1.5038

GBPCAD               1.7268                   1.7111                   1.7092-1.7298

                                                                                                Prior                      Actual

US: Housing Market Index February                         58                           62

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