Tue. Nov 24th, 2020

Fxtriangle | Market analysis | Managed trading

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Loonie sees a ray of hope

1 min read
After a constant drop, loonie has started witnessing a subtle raise of 1.4196, the highest level since April 6.
Price is testing waters above the 16 April high @ 1.4182, closing in on the 1.4200 level.
There’s a heavy focus on oil in the market right now, so be mindful of that as unexpected headlines will be something to watch out for in assessing risk in the loonie.
Shares on Wall Street rose as hopes that the global economy would recover from the coronavirus crisis overshadowed worries of tensions between the United States and China.
Canada runs a current account deficit so the loonie tends to benefit from an improved outlook for the global flow of capital. “There’s a bit more of a general risk-on tone,” said Scott Lampard, head of global markets at HSBC Bank Canada. “I think there is a bit of a distorted effect in risk assets as a result of a huge amount of liquidity that is surging through markets.”
The Bank of Canada along with other major central banks has slashed interest rates and is engaged in a large-scale
bond-buying program.

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