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US dollar stronger, Biden’s stimulus plan meets resistance

By MoneyWay | Jan 22, 2021

A number of Republicans are starting to question the need for such a large stimulus plan and even one or two Democrats are also questioning the size of the plan. Also on investors’ minds is the fact that European countries are contemplating even heavier lockdown rules. Britain has announced a new strain that is supposedly 30% deadlier than the original Covid-19, inoculations will become even more paramount and countries have indicated that cross-border travel may stop completely.

Even with the strong retail sales number the Canadian dollar is weaker as investors are buying USD as a safe haven currency, also commodities are down as well, not a lot but still down. We have seen the move for day on the currencies and we will have a narrow range for the remainder.   

                      

Currently      Close              Range

USDCAD        1.2710          1.2633          1.2633-1.2727

EURCAD        1.5484          1.5364          1.5369-1.5479

GBPCAD          1.7388          1.7348          1.7323-1.7407         

         

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