USD weakness helps Canadian dollar

By MoneyWay | Nov 18, 2020

The USD continues to weaken against most currencies for the fifth day in a row, the CAD has benefitted from this movement, it continues to move closer to that important 1.3000 level. It broke this level twice, November 8th and 9th, only to move back up, if it breaks again and stays there, it is likely we will be in a new trading range.

The Democrats and the Republicans still refuse to budge on the second stimulus program, with the holidays fast approaching it would appear that some Americans won’t be able to afford a lump of coal or even a fireplace to light the coal.

Bah humbug!

                                Currently             Close                     Range

USDCAD               1.3050                   1.3102                   1.3056-1.3117

EURCAD               1.5485                   1.5540                   1.5477-1.5556

GBPCAD               1.7345                   1.7348                   1.7338-1.7412

                                                                                Prior                      Actual

CA:         Consumer Price Index October          M/M     -0.1%                     0.4%

                                                                                 Y/Y         0.5%                     0.7%

US:         Housing Starts & Permits October            

                                Starts Annual Rate                      1.459M                 1.530M

                                Permits Annual Rate                1.545M                 1.545M

                Petroleum Status Report wk11/13                           

                                Crude Oil Inventories     w/w       4.3M Brls             0.8M Brls

                                Gasoline Inventories      W/W      -2.3M Brls             2.6M Brls

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