USDCAD is basically unchanged even with oil down 4%

By MoneyWay | Jun 5, 2019

Today’s oil inventory numbers caused oil prices to drop over 4% after the report showed the large crude oil build was almost double the size of the 3.5 million barrel increase reported Tuesday by the American Petroleum Institute, a private industry group, which also reported a build of 2.7 million barrels for gasoline and 6.3 million barrels for distillates. WTI prices fell about $2.00 to around $51.70 per barrel immediately following the release of the EIA report.

The USDCAD remains unchanged, traders are waiting for tomorrow’s trade numbers, the Bank of Canada remains positive on the Canadian economy and the trade numbers will give some added ammo to the BoC’s views.

Currently                             Close                     Range

USDCAD               1.3394                                   1.3394                   1.3363-1.3407

EURCAD               1.5070                                   1.5070                   1.5056-1.5126

GBPCAD               1.7026                                   1.7011                   1.6978-1.7065

                                                                                                                Prior                      Actual

US: Petroleum Status Report wk5/11      

                Crude Oil                                                                              -0.3M Brls            6.8M Brls

                Gasoline                                                                                2.2M Brls           3.2M Brls

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