Oil rose as much as 1.9% as Chinese manufacturing data and fresh evidence of OPEC supply cuts fed into the bullish outlook for prices. Currently, West Texas Intermediate is trading at $61.18 USD a barrel, a gauge of Chinee factory activity saw its biggest increase since 2012, easing worries about the global economy. Meanwhile, OPEC’s output slipped in March for the fourth straight month, led by deep production cuts in Saudi Arabia.
The Canadian dollar remains unchanged even with higher oil, this morning’s U.S. economic data is showing an economy that is slowing down, giving less of a reason for the Fed to hike rates this year. Also, this means that Canadian exports to the U.S. will likely remain stagnant or drop thereby causing the Canadian dollar to get weaker.
Currently Close Range
USDCAD 1.3349 1.3349 1.3335-1.3371
EURCAD 1.4961 1.4975 1.4957-1.5025
GBPCAD 1.7541 1.7405 1.7370-1.7549
US; Retail Sales M/M February 0.7% -0.2%
ISM Manufacturing Index March 54.2 55.3
Construction Spending February M/M 2.5% 1.0%
Y/Y 2.4% 1.1%
Business Inventories January 0.8% 0.8%