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Oil reaching a seven year high plus Canada’s better employment equals a stronger Canadian dollar

By MoneyWay | Oct 8, 2021

The Canadian dollar continues to strengthen as U.S. crude oil touched $80 USD a barrel, it seems that “supply disruptions” in Europe and Asia have taken hold in world oil markets. The irony is that U.S. inventory levels have been rising while the rest of the world is having delivery issues.

Canada’s employment numbers were better than anticipated, the country’s economy added 157,100 jobs in September, returning the labor market to pre-pandemic levels, Statistics Canada said Friday in Ottawa. That compares with economists’ expectation of 60,000 new jobs. The strong report also reinforces the expectation that the central bank will taper its weekly purchases of Canadian government bonds to $1 billion (US$799 million) later this month from the current pace of $2 billion, effectively halting the expansion of its balance sheet. 

As a result the Canadian dollar stronger to the USD, however, it’s recent strength may be short lived if the U.S. federal government decides to release oil from its strategic reserves, we will have to wait and see.

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