Oil prices moved higher on lower inventory numbers plus Saudi Arabi and OPEC have taken nearly ten million barrels of oil a day out of production allowing prices to rise to a five-month high. Concerns of the pandemic still persist and markets generally not just oil are looking for some sort of a plateau in the U.S. on new infections. Equities are positive this morning even as the world’s death toll reaches 700,000, there are multiple biotech companies that seem to be on the cusp of a vaccine which if proven will allow the global economies to go back to some kind of normal, not the old normal.
The Canadian dollar moved in tandem with oil and will likely stay in its new range today.
Currently Close Range
USDCAD 1.3253 1.3319 1.3234-1.3331
EURCAD 1.5766 1.5720 1.5684-1.5770
GBPCAD 1.7418 1.7412 1.7350-1.7434