Oil continues to move higher, dragging the Canadian dollar higher too

By MoneyWay | Mar 13, 2019

Crude prices picked up even more as this morning’s unexpected drop in inventory levels caught markets off-guard. Experts had been calling for an increase in inventory levels, while Saudi Arabia further reiterated its commitment to lower production levels. The Canadian dollar has followed oil prices in recent days and to day was no different, the USDCAD touched 1.3311, however it has come back just a little, while West Texas Intermediate has come off its highs too.

Currently             Close                     Range

USDCAD               1.3326                   1.3354                   1.3311-1.3371

EURCAD               1.5070                   1.5073                   1.5051-1.5102

GBPCAD               1.7615                   1.7461                   1.7443-1.7622

                                                                                Prior                      Actual

US:   Durable Goods Orders January         1.3%                      0.4%

         Producer Price Index Feb M/M        -0.1%                     0.1%                                                     

                                                            Y/Y            2.0%                      1.9%

       Petroleum Status Report wk3/8                       

                Crude Oil Inventories                     7.1M Brls             -3.9 M Brls

                Gasoline                                           -4.2M Brls             -4.6 M Brls

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