Continued wildfires in Alberta has caused domestic prices to move higher against world prices. Another oil producer, Cenovus shut its wells after Canadian National had suspended operations already. The Canadian dollar is stronger to the USD on this news and also on talk of the U.S. Federal Reserve possibly cutting interest rates due to the ongoing trade wars. Australia’s central bank cut rates by 0.25% this morning with hints of further cuts. This may be the start of a global move to cut rates. U.S.bond yields have dropped to levels not seen since 2008-2009 at the height of the last major recession.
30-day simple moving average 1.3455.
Currently Close Range
USDCAD 1.3418 1.3438 1.3415-1.3452
EURCAD 1.5080 1.5105 1.5075-1.5140
GBPCAD 1.7018 1.7018 1.6983-1.7053
US: Factory Orders April M/M 1.3% -0.8%