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Oil drops Below $56 USD and Weaker Canadian Dollor

By MoneyWay | Nov 20, 2017

 

Moneyway Analysts Report:

Uncertainty on Germany’s new government coalition causes the USD to strengthen and oil prices to drop. German Chancellor Merkel was unable to form a three-way coalition as the pro-business Democrats withdrew from the process. The euro fell slightly, however, if its determined that Germany cannot come to a resolution, then expect the euro to fall further.

The Canadian dollar is a bit weaker on the back of lower oil prices, with U.S. Thanksgiving rapidly approaching, expect traders to flatten their positions, particularly those that are in the black, as Thursday and Friday will be very quiet.

Support                                                Resistance

USDCAD   1.2757, 1.2748, 1.2732               1.2798, 1.2820,1.2843

 

Andrew M Harris, Meenal Vamburkar and Robert Tuttle of Bloomberg Report:

Nebraska’s approval of an alternative route could throw more uncertainty into the mix for the long-delayed Keystone XL oil pipeline.

The Public Service Commission approved TransCanada Corp.’s project on a three-to-two vote, removing one of the last hurdles to the Calgary-based company’s construction of the $8 billion, 1,179-mile (1,897-kilometer) conduit, which has been on its drawing boards since 2008. The decision, though, wasn’t wrinkle-free: The panel mandated an alternative route that was immediately targeted by the project’s opponents as lacking adequate vetting.

TransCanada is now “assessing how the decision would impact the cost and schedule of the project,” Russ Girling, TransCanada’s chief executive officer, said in a statement. The company’s shares rose 1.3 percent to C$63.35 at 12:24 p.m. in New York trading.

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