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Oil falls below $60 USD a barrel, Canadian dollar weaker

By MoneyWay | Mar 23, 2021

Basically, a down day across the boards, markets unsure of where we go from here? Markets had anticipated that global economies would be loosening restrictions as the inoculations progressed however the opposite is taking place. It now looks like a third wave of the pandemic is about to hit and it might be worse than the previous two. People are thinking that their chances if getting the virus diminishes with each passing day, but that is not the case. Old people are not dying as much and most have had some sort of shot. It is now the young people that have to worry, this virus is totally inclusive no one is immune and that is the problem, people still need to wear masks. Germany has now gone into lockdown mode and this will be the first of many.

In light of this news, oil prices have fallen below $60 USD, equities have dropped, bond yields have dropped leaving a bit of a pall over the markets. The Bank of Canada is due to speak today, expectations are that the bank is likely to reduce bond purchases, sending a signal that the Canadian economy may be able to stand on its one two feet without any government help. We shall wait and see.

                                Currently*          Close                     Range

USDCAD               1.2551                   1.2520                   1.2515-1.2594   

EURCAD               1.4895                   1.4940                   1.4880-1.4970

GBPCAD               1.7300                   1.7355                   1.7290-1.7380

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