Oil dropped close to a one-month low amid U.S. President Donald Trump’s dire trade warning to China and a surprise cutback in American manufacturing. Futures fell as much as 4.1% in New York on Tuesday. Trump tweeted that China will have a much tougher time securing a trade deal if the Asian nation waits until after the 2020 U.S. presidential election and he wins. Also, expectations that Hurricane Dorian may miss the southern east coast of the U.S. and leave the oil refineries unscathed caused prices to fall as well.
The further trade standoff between China and the U.S. has impacted global equity markets providing continued volatility while giving no clear direction as to when things will start again.
Tomorrow is the Bank of Canada ‘s rate announcement, it’s still a 50/50 bet to when the BoC will say if it will cut rates, expectations are for no movement.
Currently Close Range
USDCAD 1.3335 1.3326 1.3323-1.3383
EURCAD 1.4621 1.4623 1.4580-1.4654
GBPCAD 1.6123 1.6081 1.5958-1.6144
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