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USDCAD unchanged, oil prices drifting lower

By MoneyWay | Oct 30, 2018

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Global nervousness in regard to U.S.-China tensions has caused oil prices to fall as much as 10% in the past two months, offsetting Iran’s and Venezuela supply stoppages. U.S. officials are preparing a new tariff list which would apply to Chinese products that aren’t already covered in lieu of next month’s meeting between presidents Donald Trump and Xi Jinping at the Group of 20 summit in Buenos Aires. Unless these two countries come to some form of an agreement, the global economy will slow even more, causing further disruptions in the financial markets.

The rebound in USD-CAD has come amid an ongoing rout in global equity markets, which has weighed on the Dollar bloc currencies given the concurrent concerns about flagging global growth and commodity prices, particularly oil prices in the case of she Canadian Dollar.

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