USD to CAD looks like it will end the week right around the 1.260 level, which is roughly where it started the week. The Loonie is up just 1.5% against the US dollar since the beginning of the year but that makes it the strongest major currency so far this year. The announcement of the renewed province-wide lockdown in Ontario had no direct effect on the exchange rate but certainly if it is a harbinger of a delayed economic recovery and delayed Bank of Canada retrenchment from stimulus then we will see an impact on the value of the Canadian dollar. Oil (WTI), which has been one of the reasons for the Canadian dollar strength this year has now stabilized right around the 60 after showing some weakness in the last couple of weeks. An OPEC meeting currently in progress is not expected to lead to changes in supply but has the potential to surprise the market.
