The CAD is a bit stronger to the USD as oil prices move higher. West Texas Intermediate is now close to $53 USD a barrel, close its one year high of $54.75 USD a barrel. Saudi Arabia’s plans to limit production exceeds any worries that global demand may drop due to the pandemic. Base metals are moving in tandem while copper is now 3.61 USD a pound close to its one year high of $3.72 USD a pound. Doctor copper is indicating that the world’s economy is growing and will grow even more after the pandemic subsides and the Democrats take over Washington.
Expect a narrow range today as we get closer to January 20, 2021.
Currently Close Range
USDCAD 1.2750 1.2783 1.2732-1.2791
EURCAD 1.5515 1.5530 1.5485-1.5539
GBPCAD 1.7380 1.7278 1.7260-1.7398