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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 – WTI oil prices add to this week’s losses – Western and Chinese diplomats take turns being scolded – US dollar firms except against safe-haven currencies USDCAD Snapshot open 1.2885-89, overnight range 1.2865-1.2887 close 1.2864, WTI oil $88.72, Gold $1786.64 The Canadian dollar probed rally ended abruptly yesterday morning after a wave of negative risk sentiment washed over markets and oil prices sank. USDCAD traded at 1.2820 at the start of Thursday’s NY session, rallied to 1.2875 at the 10:00 am option expiry window, the drifted in a 1.2840-1.2870 until the close. USDCAD resumed its upward trajectory in Asia then accelerated higher in Europe, coinciding with sliding oil prices. West Texas Intermediate (WTI) oil peaked at $101.75/barrel last Friday and it touched $87.72/b in early NY trading. Traders fear sharply reduced demand due of a US recession triggered by Fed rate hikes to combat inflation. Increased Opec and Libya production and high US crude inventories also weighs on prices. Oil prices have fully erased the gains following Russia’s invasion of […]
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