The Daily Chase: Canadian dollar soars; Oil prices hold steady
BNN Bloomberg
Global equity markets are on track for their best showing since March as bets on the impact of Chinese stimulus and enthusiasm over artificial intelligence firms boost stocks.
LOONIE HITS HIGHEST LEVEL SINCE SEPTEMBER
The Canadian dollar is holding solidly above 75 cents U.S., the highest level against the greenback since last September. The catalysts are pretty clear – given the (modest) divergence between the Bank of Canada with its most recent hike and the U.S. Federal Reserve's pause, generally speaking you'd expect to see some loonie strength. As for where we go from here, Scotia Chief FX Strategist Shaun Osborne reckons there's still a bit of upside to go, saying fair value is a little closer to 76 cents and change, and he expects the trend towards that level to continue.
OIL HOLDS STEADY AFTER BIGGEST JUMP IN SIX WEEKS
