Oil prices are higher this morning on the back of Hurricane Laura, forecasters believe that ocean water could cover a coastline of 450 miles from Texas to Mississippi. Along this coastline are a number of oil refineries and local authorities have issued evacuation orders for thousands of coastal residents. More than 385,000 residents were told to flee the Texas cities of Beaumont, Galveston and Port Arthur, and still more were ordered to evacuate low-lying southwestern Louisiana. These oil refineries will have to shut down, the problem is , will the refineries be able to start up after or will there be a delay due to repairs?
The Canadian dollar will likely range trade till the hurricane is out of the way and the damage reports are released.
Currently Close Range
USDCAD 1.3196 1.3218 1.3177-1.3239
EURCAD 1.5591 1.5581 1.5578-1.5647
GBPCAD 1.7331 1.7267 1.7261-1.7363