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USD/CAD Up After Dramatic Drop in Oil Prices; Market Prepares for Three Risk Events Today

Published June 8, 2017
  • Oil prices fell over 4% yesterday and settled at their lowest level in about a month after data from the US Energy Information Administration showed US crude inventories rose for the first time in nine weeks
  • Data revealed that the US added 3.3 million barrels of oil to their inventories last week versus expectations of a drawdown of -3.1 million; oil prices continue to fall this morning as the market loses faith in OPEC’s ability to counter the global supply glut
  • USD/CAD is now trading above the 1.3500 handle
  • The market looks to US unemployment claims, the James Comey testimony and a speech from Bank of Canada Governor Stephen Poloz today
  • Stephen Poloz may lend strength to the loonie if he offers any hawkish comments on Canadian interest rate hikes; analysts still are not expecting former FBI director James Comey to reveal any impeachable offense against US President Donald Trump during his testimony at 10:00 AM EST
  • The European Central Bank is expected to raise its forecasts for economic growth in the euro zone in their meeting this morning; Britons have commenced voting in the UK parliamentary election with the final election results to come later this evening