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Global oil prices stable, Canadian prices moving higher

By MoneyWay | Jun 4, 2019

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

                                                                                Prior                      Actual

US: Factory Orders April M/M                    1.3%                      -0.8%

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