North American equities are holding to the notion that Washington is close to finalizing its second stimulus plan. Hopes for a settlement before Christmas are still high, while this going on, the USD still remains weak, it is now at its lowest level against major currencies in two years. Yesterday’s FED comments said nothing new, and the Brexit talks seem to be on a high note as well, both the euro and the sterling moved higher to the USD.
The Canadian dollar remains strong and looks overbought, if its gets much stronger to the USD then expect something from the Bank of Canada.
Currently Close Range
USDCAD 1.2715 1.2742 1.2688-1.2750
EURCAD 1.5600 1.5541 1.5528-1.5605
GBPCAD 1.7300 1.7212 1.7199-1.7305