Oil jumps over 4%, Canadian dollar stronger

By MoneyWay | Dec 7, 2021

Markets except for technology stocks are doing better, investors are absorbing any bad news in regard to the Omicron variant, and it is having little effect on their investment decisions. West Texas Intermediate is up 4.5% this morning, traders believe that the global economy is back on track and that global demands for oil have yet to peak. Other energy commodities are yup but not as much as oil.

Canada’s trade numbers were better than expected giving an added boost the Canadian dollar this morning, along with higher energy prices. The rebound in exports were based on higher oil prices and auto part shipments, this is the fifth straight month that Canada’s trade balance has been positive, the longest since 2004.

If this trend in equities and commodities continues then expect the USDCAD to rally even further, but that is only after the Bank of Canada announcement tomorrow.

Currently*          Close                     Range

USDCAD               1.2660                   1.2755                   1.2636-1.2767

EURCAD               1.4235                   1.4393                   1.4213-1.4405

GBPCAD               1.6752                   1.6917                   1.6738-1.6931

*Indicative Rates Only

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