Market sentiment moved higher on analysts’ beliefs that the U.S. economy is set to fully reopen, while news agencies reported Russian President Vladimir Putin claimed the country had given regulatory approval for the world’s first Covid-19 vaccine. Even though there is doubt that Russia already has a vaccine in place, the news triggered optimism from investors about the race for an inoculation and perhaps that the market isn’t pricing in how quickly a valid one could be ready.
The Canadian dollar benefitted from this news as oil prices rallied, however its overall gains were tempered by gold’s price drop. Spot gold is down over $80 USD an ounce, gold traders are nervous that the worst may be over in terms of economic slowdowns and flights to safe haven assets.
Expect a narrow range the rest of the day.
Currently Close Range
USDCAD 1.3295 1.3351 1.3271-1.3361
EURCAD 1.5638 1.5671 1.5639-1.5689
GBPCAD 1.7383 1.7454 1.7382-1.7468
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