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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Loonie Up on Keystone XL Pipeline, EU Trade Deal

Published January 25, 2017
  • USD weakness and positive Canadian economic news spurred CAD strength yesterday; NAFTA worries were put at ease and Trump reopened talks on the Keystone XL Pipeline
  • Prime Minister Trudeau shared approval, stating the pipeline would both help a hobbled Alberta recover from the decline in global oil prices and be a boon for Canadian jobs 
  • The Keystone XL Pipeline would cost nearly $8 billion CAD and could carry more than 800,000 barrels of Alberta oil a day to refineries in Texas
  • A planned European Union – Canada trade agreement also made progress after a EU trade committee advised the European Parliament to back the deal
  • A survey showed that business morale dropped unexpectedly in Germany for the month of January, largely due to Trump’s comments on EU political fragility and potential border tax increases for German automakers
  • The market awaits data from the US Department of Energy with the release of US Crude Oil Inventories at 10:30 AM EST
  • Oil is down after the American Petroleum Institute showed yesterday that US crude stocks rose to 2.9 million barrels by the end of last week, 2.8 million barrels more than expected

Chart (1) Keystone XL Pipeline Proposal Map