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Loonie Sinks Against the US Dollar; Market Awaits More Oil News
Published April 19, 2017
The Canadian dollar remains under sharp pressure against the US dollar this morning, contributing factors being Trump’s comments aimed at Canada’s dairy industry/NAFTA, risk-off sentiment and bullish USD comments by US Treasury Secretary Steve Mnuchin
Yesterday’s positive news from record high Canadian Securities Purchases was diminished after analysts revealed that this increase was driven by mergers & acquisitions and not renewed interest in Canadian securities
Oil prices moved away from a two-week low today after data from the American Petroleum Institute showed that US oil stockpiles declined by a larger than expected amount
The US Energy Information Administration will release its weekly oil supplies report at 10:30 AM EST; if the government agency’s data also shows a decline, it would mark the second straight weekly decline for US oil supplies
Investors await details from the publication of the Beige Book at 2:00 PM EST; released by the Federal Reserve, this publication is meant to give the US Central Bank insight into the state of the economy across the 12 districts of the Federal Reserve