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
US: Housing Market Index February 58 62