USD to CAD Daily Overview: November 16th

USD to CAD Daily Overview: November 16th

The US Dollar is trading at 1.30 against the Canadian Dollar today, down -0.51%. With an open rate of 1.3129 and a previous close at 1.3137. The daily range is expected to move between 1.3066 and 1.3142, the 52-week range will sit between 1.2929 and 1.4668.

The currency pair’s YTD return is 0.63%, CAD is anticipated to perform well as USD continues to fluctuate since their election period has concluded. “The Bank of Canada (BoC) warns of a protracted recovery, and key market trends may keep the exchange rate under pressure” according to DailyFX.

The North American currencies will continue to be impacted by rising COVID-19 numbers and the release of new vaccines. The US dollar index sheds 0.20% on a daily basis but there is hope moving forwards as Pfizer and Moderna report high success rates in their vaccine trials.

“The prospect of an end to the pandemic and hope for a global economic recovery played to US dollar which rose in every major pair on Monday except the USD/CAD.”

WTI prices rose 6.7% this week which bodes well for the Canadian dollar; “the US oil rises nearly 1.50% in Asia as markets remain hopeful that the OPEC and its allies will extend its oil output cuts, which douse mounting oil demand concerns amid the pandemic.”

With the previous close just above the 1.30 support level at the beginning of last week, there will continue to be a lot of highs and lows as the month progresses but USD/CAD is expected to rebound well moving into December.

By Surina Nath