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Learn how KnightsbridgeFX can help you save up to 2% when buying or selling US dollars compared to your Canadian bank’s rates – click here to compare bank rates – Oil prices slide on hawkish outlook for US interest rates. – Australia blames RBA for bungling inflation outlook. – US dollar rangebound overnight. USDCAD snapshot: open 1.3465-69, overnight range 1.3453-1.3479, close 1.3459, WTI $77.75, Gold $1999.71 The Canadian dollar is sinking as oil prices slide. West Texas Intermediate (WTI) broke below post-Opec production cut support at $78.20/barrel and is targeting further losses to $74.40. Oil prices soared at the end of March when Opec along with Russia announced it would cut crude production by an additional 1.1 million barrels/day. The cartel justified the cut as a precautionary measure need to support price stability in the wake of the US banking crisis. The move was also aimed at squeezing speculators who had sold oil contracts. The post-announcement oil gains are in the process of being reversed as traders downgrade their expectations that the Fed will cut interest rates in the summer. Now, the first cut isn’t expected until November. Bank of Canada Governor Tiff Macklem testified before the House of […]
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