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U.S.-China tensions rise

By MoneyWay | Jul 24, 2020

The USD strengthened against most currencies as a safe haven currency, China has now demanded that the U.S. close its consulate in Chengdu. This was not unexpected, but analysts still took this as a negative sign. Oil prices dropped slightly falling below $41 USD a barrel while North American equities dropped on this news, traders used this as a reason to sell and take profits.

The Canadian dollar is a bit weaker, gold has reached recent new highs and this helped the CAD from selling off even more, expect a narrow range the rest of the day.

                                Currently             Close                     Range

USDCAD               1.3427                   1.3410                   1.3378-1.3445

EURCAD               1.5618                   1.5550                   1.5534-1.5623

GBPCAD               1.7164                   1.7085                   1.7059-1.7171

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