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Canadian Dollar Weakens with Oil; OPEC Leaders Hint at Cut Extension

Published April 20, 2017
  • Oil is making slight gains this morning, attempting to bounce back from its worst day in six weeks; oil prices dropped 4% yesterday after US oil and natural gas inventories induced worries of global oversupply
  • In response to languishing oil prices, both Saudi Arabia and Kuwait gave strong signals that OPEC intends to extend its output cut agreement beyond the initial 6-month timeline; oil ministers from both countries spoke of building consensus to keep the deal intact for the second half of 2017
  • The Canadian dollar endured sustained losses against the greenback yesterday as languishing oil prices dragged the loonie down; USD/CAD levels remain under a strong psychological resistance level of 1.3500
  • The US Dollar Index slid to a 3-week low after US Secretary of State Rex Tillerson said Washington is looking at ways to pressure North Korea over its nuclear program; North Korean officials responded with threats of a pre-emptive strike
  • US Unemployment Claims came in slightly higher than expected at 244k claims versus 241k; Philly Fed Manufacturing Index fell below expectations as well
  • Dallas Federal Reserve President Robert Kaplan reiterated that three interest rate hikes in 2017 remain possible