The pound fell to a six-day low on Wednesday, holding barely above $1.22 against the USD, as Britain’s Queen Elizabeth gave the nod to Prime Minister Boris Johnson’s plan to suspend parliament, leaving lawmakers little time to prevent a no-deal Brexit. The U.K. Parliament will be suspended for almost five weeks ahead of Brexit. Prime Minister Boris Johnson’s move sets up a showdown with lawmakers who want to block him from taking the U.K. out of the European Union without a deal. Labour leader Jeremy Corbyn and his Liberal Democrat counterpart Jo Swinson have both requested meetings with the Queen to raise concerns about Prime Minister Boris Johnson’s decision to suspend Parliament.
Oil prices gained more than 2% on Wednesday after data showing a fall in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the China-U.S. trade war. Although the two benchmarks recorded their biggest daily gains in eleven sessions on Wednesday, they are headed for monthly losses of around 7% and 4%, respectively, weighed down by trade barriers between the world’s two biggest oil consumers.
Even with higher oil prices, the CAD is a bit weaker to the USD, the USD continues to be a safety currency and will likely stay that way in the near future.