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Oil dips, Canadian dollar drops

By MoneyWay | Apr 24, 2019

The Bank of Canada came out and officially announced that interest rates are definitely on hold, joining the rest of the world’s central banks. The question is now which way will it go in the future? A case can be made for a hike or drop both of which have equal merit. The Bank however, continues to reiterate that the Canadian economy will gain strength in the last part of this year thereby holding on to no cuts. The BoC is worried that Canadians will not cutback on their spending habits even with house prices in a holding pattern in its major cities. The number of Canadians who are $200 or less away from financial insolvency every month has climbed to 48 per cent, up from 46 per cent in the previous quarter, in a sign of deteriorating financial stability for many people in the country, according to a new poll. This definitely makes the BoC nervous.

Currently             Close                     Range

USDCAD               1.3492                   1.3423                   1.3420-1.3521   

EURCAD               1.5103                   1.5050                   1.5041-1.5133

GBPCAD               1.7472                   1.7365                   1.7361-1.7508

                                                                                                Prior                      Actual

US: Petroleum Status Report wk4/19                                      

                                Crude Oil                                              -1.4 M Brls           5.5 M Brls

                               Gasoline                                               -1.2 M Brls        -2.1 M Brls

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