The Canadian dollar has basically remained unchanged even as equities and oil move higher. GameStop has dropped more than 50% over the past two trading days and looks like it is no longer the “stock du jour”. Market sensibility has kicked in and the speculative mania has dissipated giving regular investors confidence to go back into the market.
The Canadian while stronger, appears not to have picked up steam like it should have, oil prices are up over 1% but the big drag is the metals market, gold is down 1.2%, silver is down almost 9% ,and copper is down 1% and these have impacted the CAD. Once the dust has settled on silver then it is likely than the CAD will play catchup, but that is over the next few days, we will have to wait and see.
Currently Close Range
USDCAD 1.2815 1.2849 1,2781-1.2869
EURCAD 1.5403 1.5495 1.5401-1.5513
GBPCAD 1.7486 1.7553 1.7482-1.7574