This morning’s oil numbers did nothing to add to the price of oil, in fact oil prices fell slightly. The Canadian dollar seems to have lost its luster as it slowly moves back from recent highs. Its current level is faraway from its 30-day moving average of 1.2252 and its 60-day moving average of 1.2404, therefore it has lots of room to go to get to those levels.
Equities have moved into positive territory however inflation still remains in the forefront of traders’ minds and until the Federal Reserve comes out with a clear and concise announcement as to how it is going to control it, markets will likely drift in the short term.
Expect narrow ranges for the next few days.
Currently* Close Range
USDCAD 1.2112 1.2062 1.2043-1.2124
EURCAD 1.4776 1.4776 1.4754-1.4808
GBPCAD 1.7102 1.7069 1.7042-1.7143
*Indicative Rates only