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USD to CAD Update: Canadian Dollar Gains Modestly at End of Inconclusive Week

By March 26, 2021February 27th, 2024No Comments
The Canadian dollar is up modestly (0.2%) this morning as oil prices firm up.  The markets overall are mixed with equities looking up slightly while long term yields are once again moving up after declining some earlier in the week.  USD to CAD is now trading at very near our short-term consensus forecast for the end of March and there is little on the horizon to suggest we will see dramatic moves in either direction between now and then.  It has been an interesting and inconclusive week dominated not by global macro events but by specific one-off developments around the world.  The Suez Canal “traffic jam” continues to hamper global trade and will likely continue for another few days.  The third wave in much of Europe and consequent extended closures in places like Germany have also been a bit of a surprise.  One issue that could impact exchange rates and has been on the radar for a while but now looms larger is US/China relations which seem to be deteriorating.  Any material worsening in relations would be a negative for the Canadian dollar.


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