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Oil prices good news for Canadian Dollar

The Oil markets brought some good news for the Canadian Dollar this week, strengthening the Loonie against a basket of major currencies.

The Price of Crude Oil rose sharply by 3% following the news that the recent cut in production will be extended to March next year. At a meeting in Beijing, the Saudi Energy Minister, Khalid al-Falih and his Russian counterpart, Alexander Novak stated “The two ministers agreed to do whatever it takes to achieve the desired goal of stabilising the market and reducing commercial oil inventories to their five-year average level.” This is great news for the Oil dependant Canada and the CAD quickly rose against its counterparts.

GBP/CAD graph

This week’s economic data effecting the CAD

If you have an up and coming currency purchase, most important days to watch out for will be Wednesday when you will see the latest Manufacturing Sales from Canada. This will be followed by the Latest Crude Oil numbers from the US.

Friday will be the next big day, with the latest CPI numbers and Core Retail sales. These are forecast to show good growth and could strengthen the Loonie further against its counterparts.

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Richard Beaumont - EUR/CAD remains around 1.50 following French electionWritten by:
Richard Beaumont
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