Is the second wave coming? Investors seem to think so, with the recent spikes in coronavirus cases as states reopen their economies, investors are now feeling the chills. It’s better to take the money and run while waiting out the next two weeks. Even as the employment figures are turning better in the U.S., the pace of unemployment claims declined again last week as the U.S. jobs market continued its plodding recovery from the coronavirus pandemic, Labor Department data showed Thursday, traders are exceptionally nervous therefore the selloff.
Oil prices fell more than 10% today, joining the selloff in equities, the reasons are the same, Covid-19 scares, economic contractions, and another possible lockdown.
The Canadian dollar weakness is based on the overall market weakness, expect a lot of volatility today.
Currently Close Range
USDCAD 1.3565 1.3412 1.3398-1.3582
EURCAD 1.5445 1.5255 1.5240-1.5449
GBPCAD 1.7133 1.7097 1.7053-1.7150