The U.S. dollar gained on Monday and today against the CAD after Federal Reserve Vice Chair Richard Clarida backed further interest rate hikes but noted the importance of monitoring economic data as the U.S. central bank approached a neutral stance. Even though oil prices have remained stable or even higher and have held onto a second day of gains as the focus shifted to whether OPEC and its partners will cut supplies enough to check fears of a looming surplus of crude.
Tomorrow’s oil inventory numbers may indicate further build up, giving more reason for lower oil prices.
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