C$ recovered to yesterday’s high’s overnight as oil, metals and grains are all strong. We foresee more strength today and going into tomorrow providing a good C$ selling opportunity.
After two weeks of strength approaching six-month highs the US$ weakened overnight as the market absorbed yesterdays weak economic numbers. We expect more weakness over the next few days but consider it a buying opportunity in a long-term uptrend.
The EUR is bouncing from the lows on news that Prime Minister May is meeting with the Opposition to negotiate a Brexit deal. Look for EUR to continue to rally over the next few days which will provide a good selling opportunity.
- Drummond Gill