Equities rebounded after President Biden said economic lockdowns are off the table, giving investors a sense of relief as no one was sure which way governments were going to act. That being said, the World Health Organization (WHO) said on Monday the Omicron coronavirus variant carried a very high risk of infection surges as more countries closed their borders, reviving fears over economic recovery from the two-year pandemic. “Omicron has an unprecedented number of spike mutations, some of which are concerning for their potential impact on the trajectory of the pandemic,” the WHO said.
Oil prices are higher but not enough to impact the Canadian dollar, U.S. Special Envoy and Coordinator for International Energy Affairs stated that the US is prepared to release more oil from the country’s reserves in order to bring oil prices down even further.
The USDCAD is unchanged no real direction, expect to trade on the weaker side today.