Markets this morning are taking their times as to which direction they want to go. A mixed bag of positive and negative news seems offset each other and time will tell which is the winner. The Suez Canal traffic is moving again after all the doom and gloom last week that it could weeks or months before the cargo ship in question could be freed. Vaccine inoculations are moving at a fast pace in the U.S, global signs of easing covid restrictions help to provide a positive backdrop.
The negative news starts off with banks warning of “significant losses” from dealing with Archegos Capital Management, another hedge fund. Rumors are of a $20 billion hit when the dust settles. CDC chief is warning of “impending doom” as variant covid cases surge which could exceed any benefits from the ongoing vaccine programs.
It looks like there is enough good and bad news this morning to confuse the most seasoned investor, keep your powder dry.
Currently* Close Range
USDCAD 1.2590 1.2574 1.2571-1.2626
EURCAD 1.4831 1.4831 1.4810-1.4879
GBPCAD 1.7356 1.7344 1.7335-1.7447