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USD/CAD Settles in the Low 1.27s; Oil Prices Continue to Climb
Published November 24, 2017
USD/CAD is settling in the low 1.2700’s as both currencies remain relatively weak; the loonie moved lower yesterday due to weaker than expected retail sales numbers while the greenback is showing tepid strength after dovish remarks from the US Federal Reserve.
Global stocks remain near record highs as New York stock exchanges reopen after the Thanksgiving holiday; trading is expected to be thin again due to the long weekend holiday and an early 1:00 PM shut down on Wall Street.
European stocks are relatively stronger after an optimistic reading on German business confidence. Asian stocks remain mixed after the Shanghai Composite offered a small recovery from yesterday’s plunge in value.
‘Black Friday’ retail sales in the US and Canada commenced Thursday night and are set to continue to the end of Friday; online sales are already up 16.8% year-on-year as the National Retail Federation expects 164 million Americans to take part in the savings.
WTI oil prices are on track for a weekly 3.6% rise on news of a temporary partial closure of the Keystone pipeline; speculation of an extension for the OPEC-led cut next week is also creating optimism for oil prices.