- February 20, 2020
- Posted by: John Curran
- Category: Market News
Good morning,
The USDCAD pair is hovering near a new one month low after paring gains from yesterday’s session. The loonie has gained strength on the heels of higher commodity prices from coronavirus fears. WTI for next month’s delivery has hit over 54 / barrel also representing a new one month high. The flight to safety has also spurred renewed interest in gold as the yellow metal rose to a new high of 1622 / oz. a level not reached since April 2013. EURUSD near two year lows in the 1.08 level along with EURCAD still showing some significant value in the 1.43 handle – April 2017 low. This morning’s US initial jobless claims came in line with expectations. Tomorrow, retail sales will be published out of Canada for the month of December. Technicals remain unchanged with USDCAD consolidating between 200 day moving average of 1.3215 support and the 1.3328 Nov / Dec 2019 double top.