The Canadian dollar seems to have found a stable level at about 1.360 over the last couple of weeks and remains range-bound. The USD to CAD exchange rate is flat this morning despite a big rise in stock markets globally. The US dollar index is actually weaker by 0.5% but the Canadian dollar is holding steady against its US counterpart. The move in stocks is largely due to bullish commentary out of Chinese government about stocks. Anecdotally, the daily correlation between equities and the USD/CAD seems to be weakening. Whereas, since the beginning of the crisis, a bout of optimism generally meant higher stock prices and lower USD to CAD rates, that no longer is necessarily the case as indicated by today’s market action. Oil prices are unchanged this morning but there is an unusual amount of attention being paid to the EIA crude oil inventory report on Wednesday.
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