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U.S. equities continue to move higher

By MoneyWay | Aug 10, 2020

U.S. equities are moving higher against a backdrop of uncertainty over a new coronavirus stimulus package. Some big tech stocks are taking a breather even as the S&P 500 is within reach of an all-time high. Also, investors are keeping one eye on the increasing tensions between China and the U.S., today, China said it would apply sanctions against 11 U.S. citizens including senators Ted Cruz and Marco Rubio. The move is a retaliation against Washington’s sanctions on 11 Hong Kong and Chinese officials for curtailing political freedoms in the city.

The Canadian dollar is a little stronger to the USD,  oil prices have moved higher, supported by an improvement in Chinese factory data and rising energy demand as countries eased lockdowns. Saudi Arabian Aramco CEO Amin Nasser said on Sunday that he sees oil demand rebounding in Asia as economies gradually open up.

Expect a narrow range.

                                Currently             Close                     Range

USDCAD               1.3348                   1.3384                   1.3334-1.3396

EURCAD               1.5686                   1.5777                   1.5687-1.5793

GBPCAD               1.7461                   1.7467                   1.7431-1.7505

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