Canadian dollar slightly weaker to USD, oil inventories to blame

By MoneyWay | Nov 27, 2019

Oil fell about 1% on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but optimism that a U.S.-China trade deal would be reached soon limited losses. U.S. crude stocks swelled by 1.6 million barrels last week as production hit a record high at 12.9 million barrels per day and refinery runs slowed, the Energy Information Administration said. Markets had anticipated a drop in the gasoline numbers. Oil prices had risen for the last two days on expectations that China and the United States, the world’s two biggest crude users, would soon sign a preliminary agreement, signaling an end to their 16-month trade dispute.

The Canadian dollar has been following oil prices of late and it has weakened along side oil. No real changes but it continues to stay within recent ranges and will likely stay that way till China and the USA do something.

Currently             Close                     Range

USDCAD               1.3282                   1.3272                   1.3260-1.3290

EURCAD               1.4611                   1.4628                   1.4588-1.4632

GBPCAD               1.7105                   1.7075                   1.7024-1.7126

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