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USDCAD is unchanged, while equities have regained a large portion of yesterday’s losses

By MoneyWay | Jan 28, 2021

At first glance, it looks like the USDCAD is unchanged, but it traded up to 1.2881 which is through its 60-day simple moving average of 1.28512. Commodities are a mixed bag with oil down and copper up, sending mixed signals to investors.

The news that has everyone’s chin wagging is still GameStop and the impact of what the so-called Reddit traders did to the stock and in particular the hedge funds that shorted the stock. This morning the trading range on the stock is $112.25 – $482.85, it has been halted a couple of times and some online trading platforms have restricted trading on GameStop. What has happened here is that the average “Joe” has banded together and humbled Wall Street, and in a very unusual situation both Democrats and Republicans, Alexandra Ocasio-Cortez, Sen. Ted Cruz, and even Donald Trump Jr. have called out Wall Street for restricting trading on this stock or any other stock. It turns out that investors couldn’t buy GameStock only sell it, and only if they owned it, thereby allowing short sellers to cover.

The question is will Washington step in and control Wall Street, not likely, we will have to wait and see.

                                Currently             Close                     Range

USDCAD               1.2812                   1.2798                   1.2789-1.2881

EURCAD               1.5535                   1.5498                   1.5497-1.5593

GBPCAD               1.7588                   1.7513                   1.7510-1.7585

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