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Oil bounces back, China’s covid numbers positive

By MoneyWay | Aug 23, 2021

China has reported zero local symptomatic Covid-19 cases for the first time in weeks, giving markets especially the energy markets a significant boost this morning. Oil was up as much as 6%, this, offsets last week’s drop of 9% allowing the Canadian dollar to rally against most currencies. Also, oil analysts believe that last week’s selloff was overdone, and this morning’s news provided the input to buy oil again.

Basically, almost everything is in positive territory, most commodities, equity indices, and currencies other than the USD.

The range for the rest of the day for the USDCAD will be narrow as most of the news for the day is out. The CAD should trade on the stronger side for the rest of the day.

Currently*          Close                    

USDCAD               1.2670                   1.2821                  

EURCAD               1.4863                   1.4995

GBPCAD               1.7380                   1.7463

*Indicative rates only

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