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Lower oil inventories, better Chinese economic data, stronger Canadian dollar

By MoneyWay | Apr 17, 2019

Better than expected Chinese economic data, Industrial Production and Retail Sales caused industrial based commodities to rally this morning along with oil. Also, there are rumours that China is set to take more stimulus  steps to drive an expansion showing renewed signs of health. China’s latest tactic indicates its leaders are stepping up attempts to support consumption and mitigate threats posed by U.S. trade sanctions.

Currently the USDCAD is trading below its 30 day simple moving average of 1.33584, the day simple moving average is 1.32939, which the USDCAD pierced but was unable to stay at those levels, the currency needs to break below 1.3350 before it can be deemed new territory.

Currently             Close                     Range

USDCAD               1.3346                   1.3350                   1.3275-1.3373                                                                   

EURCAD               1.5061                   1.5060                   1.5003-1.5093

GBPCAD               1.7388                   1.7418                   1.7315-1.7443

                                                                                                Prior                      Actual

CA:   Consumer Price Index March M/M                 0.7%                      0.7%

                                                                     Y/Y                    1.5%                      1.9%

         Merchandise Trade February                            $-3.1B                   $-2.9B

US:   International Trade February                            $-51.1B                 $-49.4B

         Petroleum Status wk4/12

                Crude Oil                                                             7.0M Brls             1.4M Brls

                Gasoline                                                           -7.7M Brls           -1.2M Brls

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