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Canadian dollar weaker , gold drops 2%, silver drops 3%

By MoneyWay | Feb 4, 2021

Interest rates are slowly creeping up, which is costing people who hold gold in bullion form, money. The cost of safekeeping plus the lack of actual income is causing gold bugs to sell. The US dollar has started to rise against most currencies, including the Canadian dollar, based on signs of a growing economy. Also, the price of gold fell below a significant chart point of $1,800 USD an ounce which a key level in most gold chart books. Siler has dropped 3%, but this is due to retail investors pulling out after the run up after GameStop. It was expected to fall.

The Canadian dollar has weakened to the USD and it will range trade over the 1.2800 level in the short term, however, do not be surprised to see 1.2900, we will have to wait and see.

                                Currently             Close                     Range

USDCAD               1.2832                   1.2781                   1.2777-1.2842

EURCAD               1.5358                   1.5382                   1.5321-1.5396

GBPCAD               1.7531                   1.7441                   1.7351-1.7544

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