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canadian dollar

Mohammed Abdullah


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Hi Mohammed and Cody

I'm not sure if you have seen the reaction in oil markets but the reaction has been one of disappointment. The cut, while being a record, doesn't seem to be enough to offset the severe lack of demand in markets due to the impact of the coronavirus. So in response to the announcement of the cut we saw oil markets initially spike but then sell off since. 

I believe the only time we will see it rise is as lockdown restrictions ease (which looks like it could be happening soon). However, people still won't be able to travel too far and demand will still be fairly low so it may take a while to pick up.

We have also seen the CAD sell off during a time of a risk on sentiment in markets. I again feel this will continue until oil starts to pick up again and economies start returning back to normal somewhat. 

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