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Oil prices move higher, Canadian dollar doesn’t

By MoneyWay | Apr 1, 2019

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

                                                                                                Prior                      Actual

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%

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