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How will the upcoming US presidential election affect the global economy? A second term of Trump or a first term of Biden will probably have significantly different outcomes. The configuration of the federal government in Washington will be a significant determining factor the markets response. EUR/USD has dropped slightly due mainly to new restrictions implemented throughout Europe due to the continual spread of Covid.

GBP/USD continues to hover at a mid market rate of 1.30 this morning following an upswing in the covid spread, Talks are still ongoing between the EU and the UK, some are optimistic a deal will be reached in the coming weeks. USD/CAD jumped to a high of 1.3334 earlier today, getting a boost from falling crude oil prices. The CAD dollar isn't expected to make much of a rebound as the Bank of Canada leaves its policy rate at 0.25%. Interest rates are expected to stay low for some time. EUR/USD seems to be falling with the spread of covid and tighter restrictions to be put in place in some countries.

As we all wait for a vaccine for COVID-19, experts in the EU warn that there will not be enough vaccines for all of its citizens before the end of 2021. The take-away from this is that it is important that we all continue to follow the fundamentals; remember to social distance, wear a mask when out in public, and stay home if you are feeling ill. Stay safe, everyone!

USD saw gains over CAD this morning. The mid-market rate is at 1.322 (CAD/USD) currently. MXN also saw gains over CAD with the mid-market rate now at 15.87 (MXN/CAD). Although demand for oil has dropped, analysts say that the price of oil is still trending upward but at a lower rate.

The CAD dollar continues to hold its own against the US dollar, but not enough to get it below 1.30. The CAD dollar may have gained strength due to Canada's eco...nomy making a strong bounce back from the Covid onset. GBP/USD continues to fall amid further Brexit negotiations continue in London. The EUR/USD pairing gained slightly this week despite struggling for the past few months due to economic uncertainty caused by the pandemic and the upcoming US election. See more

Yesterday WestJet announced it would be providing refunds for customers whose Swoop flights were cancelled due to the Covid-19 pandemic. They stated they were ...the "first national carrier in Canada to voluntarily provide refunds to original forms of payment". Air Canada disputes this statement claiming they have already refunded over $1.2 Billion in refundable fares. See more

All businesses have been affected by the COVID-19 pandemic. With some restrictions lifted during the summer, some businesses have seen growth in sales however that growth has been uneven across industries. Although the growth of sales figures is expected to continue, it’s estimated that one-third of businesses do not expect their sales to return to pre-crisis levels within a year.

The CAD/USD mid-market rate is at 1.316. An improvement since last week. The outcome of the US-election should have effects on the foreign exchange market. Should President Trump be re-elected it’s speculated that he will continue his trade-wars with China and Europe. If Biden is elected we could see an ease of restrictions on the two. Trudeau announced this morning that restrictions on non-essential US travel will continue until at least Nov. 21.

GBP/USD has been up and down today, possibly closing the day at a high despite the PM's Brexit commentary. EUR/USD rose slightly today. The USD was losing momen...tum until equity prices in Wall Street rose slightly. The USD/CAD struggled today affected by the global risk sentiment which slightly improved, as well as a drop in crude oil prices which negatively affected our CAD dollar. See more

Covid-19 having a negative impact on some trades as EUR/USD drops to a two week low and GBP/USD drops as London prepares for a possible lockdown. The US dollar is up slightly against the CAD dollar today.

The USD/CAD continues to trade below the downward trend from May. EU and UK leaders are optimistic the Brexit deal will be completed before the arbitrary deadline of October 15. The GBP is hopeful to make gains over the EUR, JPY, AND USD.

*With US Elections coming up it’s difficult to say where the stock market is headed. One thing is certain is that stock prices become more volatile around election time. *As COVID-19 continues to affect all of us, strategists talk about the effects that negative interest rates could have. Strategists believe that negative interest rates would encourage lenders to lower their rates and, hopefully, stimulate the economy.