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After ten straight down days, Canadian oil gets more bad news

By MoneyWay | Nov 9, 2018

A Montana federal judge’s ruling that threatens to further delay TransCanada Corp’s Keystone XL pipeline comes at one of the worst possible times for the Canadian oil industry. Canadian oil producers have been held back by the lack of sufficient pipeline access both into the Unites States and to the west coast of Canada. As a result, U.S. oil companies who buy Canada’s oil pay a substantial discount, as much as half price, which is unfair as the U.S. turns around and charges the full market rate to its customers. The Keystone pipeline would have eased this situation and would have added 830,000 barrels of oil per day which would have helped the Canadian economy immensely.

The USDCAD and the price of oil are closely related, when oil drops so does the Canadian dollar and after ten straight down days the USDCAD is hovering at recent lows/highs depending on how you price the Canadian dollar it’s either 75.61 cents or 1.3225. The lower prices mean that there less US dollars being converted back into Canadian and therefore less demand this results in the weaker Canadian.

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