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The oil market is in an uptrend and there is little to stop its appreciation until Brent hits at least $70/ barrel according to one analyst we follow, a development that bodes well for the Canadian Dollar and other oil-linked currencies.
February 9,2021
The Canadian Dollar fell against the Pound, Euro and other currencies following the release of disappointing economic data that showed the country shed 212.8K jobs in January.
February 5,2021
The Pound-to-Canadian Dollar rate surged in relief on Thursday following a favourable Bank of England (BoE) policy decision, while the Loonie was holding its own against a resurgent U.S. Dollar amid a possible market reappraisal of the Transatlantic growth outlook.
February 4,2021
The Pound-to-Canadian Dollar rate was in retreat on Tuesday as the Loonie outperformed and Sterling consolidated gains from last week's breakout rally, although analysts at Scotiabank say GBP/CAD benefits from nearby technical support and that USD/CAD is poised for more range-trading.
February 2,2021
The Pound-to-Canadian Dollar rate overcame multiple technical impediments on the charts last week as Sterling took the lead among major currencies for 2021, which has opened the door to a higher range that could ultimately see GBP/CAD testing 1.77 for the first time since March 2020 in the coming days.
February 1,2021
Canadian lender and financial services provider CIBC have this month told clients they have turned more constructive on the Canadian Dollar in 2021, but they also note a vaccine dependent recovery in the UK will likely aid Sterling higher against its Canadian counterpart.
January 27,2021
The Canadian Dollar lagged commodity currencies as well as Sterling on Tuesday and was tipped by Scotiabank to retain a weak bias in the coming days, while a BMO Capital Markets algorithm also dialled down its enthusiasm for the Loonie, further indicating that USD/CAD may be turning higher.
January 27,2021
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