Russia reiterated its commitment to output cuts and said it will achieve its planned cut of 228,000 barrels a day by the end of this month. West Texas Intermediate is now over $60 USD, while Brent crude has risen to over $68 USD a barrel, analysts are now focused on supply, tomorrow’s US oil inventory numbers will add further speculation if expectations of further drawdowns are correct.
The Canadian dollar is doing better to the USD, however, Canada’s economy is still in slow growth, and with China canceling more Canola imports, SNC losing orders in Chile, possible NAFTA tweaking, this leaves the Canadian dollar in a bit of a quandary. Expect narrow ranges for the remainder of the week.
Currently Close Range
USDCAD 1.3380 1.3404 1.3372-1.3416
EURCAD 1.5112 1.5163 1.5093-1.5178
GBPCAD 1.7696 1.7686 1.7624-1.7775
US: Housing Starts February 1.273M 1.162M
Consumer Confidence March 131.4 124.1