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EX: Canadian Dollar Uptrends On Weak Rivals
 
On Thursday morning the Canadian Dollar (CAD) is trending higher against both the Pound Sterling (GBP) and Australian Dollar (AUD), in spite of continuing weakness in the price of oil today.

Following the stronger-than-expected US Durable Goods Orders report yesterday Brent crude has remained on a downtrend, with the high odds of an imminent Fed interest rate rise weighing heavily on the commodity markets.

Nevertheless, with Canadian data remaining rather limited throughout the rest of the week the ‘Loonie’ could well struggle to hold onto its recent gains.

International Energy Agency Reveals Extent of Global Oil Glut, CAD Exchange Rates Extends Losses Today


Global oil glut fears are likely to prompt the Canadian Dollar (CAD) to trend lower over the coming days, after the International Energy Agency (IEA) reported that global petroleum inventories currently stand at a record 3 billion barrels.

As some economists are sceptical over the odds of Saudi Arabia and the other OPEC nations lowering production levels it seems likely that Brent crude prices will continue to retreat ahead of next week’s OPEC meeting.

With risk appetite on the decline following a generally bullish raft of US data this afternoon the ‘Loonie’ seems set to slump further.

Rising geopolitical tensions have seen oil prices shored up afresh this week to climb further away from recent lows, bolstering the Canadian Dollar (CAD) as Brent crude moves back above the $45 mark.

Early on Tuesday a Russian fighter plane was shot down by Turkish forces after allegedly breaching the country’s sovereign airspace, prompting traders to buy back into commodities amidst a surge in safe-haven demand.

This fresh turmoil built on recent hopes that Saudi Arabia could be willing to compromise on its domestic oil production after a pledge to create greater price stability for the commodity, lending strength to the ‘Loonie’ in lieu of any major Canadian data.

However, as the American Petroleum Institute (API) revealed that US stockpiles had increased by 2.6 million the outlook of the crude quickly returned to the downside.

A quick foreign exchange market summary before we bring you the rest of the report:

The Pound to Canadian Dollar exchange rate: GBP/CAD converts at 2.006 (-0.005 change from yesterday)
The Canadian Dollar to Pound exchange rate today is converting at 0.499 CAD/GBP.
The Canadian Dollar to US Dollar exchange rate converts at 1 CAD is 0.752 USD.
Source