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Oil continues to move higher, Canadian dollar finally catches a ride

By MoneyWay | Apr 8, 2019

Oil is now trading at $64 USD a barrel for West Texas Intermediate, renewed fighting in Libya has placed that country’s oil output in jeopardy. It will be days if not weeks before there is some sort of settlement, as this puts one group backed by Russia, Egypt and the UAE versus a group that is backed by the UN.

The Canadian dollar has finally caught some of oil’s upward movement, the moves from it recent lows of $45 USD at year end to $64 USD are now too big to ignore, at the same time, the USDCAD has gone from 1.3633 to 1.3321, which in contrast is not that much.

Currently             Close                     Range

USDCAD               1.3321                   1.3384                   1.3318-1.3390
EURCAD               1.5005                   1.5012                   1.4998-1.5053
GBPCAD               1.7373                   1.7455                   1.7369-1.7487

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