Canadian dollar a bit stronger, wildfires impact domestic pricing

By MoneyWay | Jun 3, 2019

Canadian heavy oil in Alberta strengthened Monday morning after wildfires forced the evacuation of at least one production area in the region. Canadian Natural Resources removed all 240 people working at its Pelican Lake and Woodenhouse operations in northern Alberta, halting a combined 65,000 barrels a day of heavy crude. Western Canadian Select gained US$1 a barrel against U.S. crude futures early Monday. The Canadian dollar is a bit stronger, however global prices are stable, leaving not much room for further strength.

There is no Canadian economic data till Thursday, but Friday has the employment numbers which will be the most influential of the week.

                                Currently             Close                     Range

USDCAD               1.3470                   1.3516                   1.3458-1.3535

EURCAD               1.5088                   1.5095                   1.5075-1.5129

GBPCAD               1.7000                   1.7072                   1.6994-1.7114

                                                                                                Prior                      Actual

US: ISM Manufacturing Index May                           52.8                        52.1

       PMI Manufacturing Index May                           52.6                        50.5

       Construction Spending Apr M/M                         0.1%                      0.9%

                                                             Y/Y                             0.5%                    -1.2%

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