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Canadian dollar weaker on lower oil and lower equity markets

By MoneyWay | Oct 11, 2018

Global equity markets are generally down as investors are becoming nervous in regard to global trade , while Italy is now taking shots at the EU in regard to its membership and the potential for Italy to walk away from the group. Other members have sent off signals that they are not happy with way things are. Fears are that right wing political parties will take over and start to copy the U.S., particularly, the installing of trade tariffs.

Oil has dropped 2.44% this morning, on speculation Hurricane Michael will be less of a threat to crude supply and more for fuel demand.  Hurricane Michael is poised to be the strongest storm to hit the U.S. in 14 years, its track took it to the east of offshore oil and gas platforms. Fuel demand may fall by as much as 1 million barrels a day, according to analysts. Meanwhile, U.S crude inventories are expected to see an increase of 2.5 million barrels of oil this week.

                                                Support                                                Resistance

USDCAD   1.2979, 1.2975, 1.2968               1.3002, 1.3015, 1.3021                  

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