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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.