USDCAD in holding pattern

By MoneyWay | Jan 12, 2021

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

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