USD-CAD has drifted back to the lower 1.3100s after yesterday edging out a seven-week high at 1.3170. Recent sharp oil price declines, which fell by over 15% in October, have been weighing on the Canadian dollar as markets factor in an erosion in Canada’s terms of trade as the price of the economy’s principal export earner wanes. WTI benchmark futures printed a fresh 11-week low yesterday, at $64.73. Canada’s October employment is up tomorrow, where we project an expansion of 15.0k after the 63.3k surge in September.
Canadian dollar stronger even as oil hits a six-month low
By MoneyWay | Nov 1, 2018
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