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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 under pressure, limiting CAD gains. – US Q! GDP is expected at 2.0%. – US dollar opens mixed after trading narrowly overnight. USDCAD snapshot: open 1.3632-36, overnight range 1.3618-1.3644, close 1.3636, WTI $74.35, Gold $1996.78 The Canadian dollar is underperforming against its commodity bloc peers due to lower oil prices. West Texas Intermediate (WTI) continued its slide and completely filled the price gap that occurred between the Friday March 31 New York closing price and the April 3 Asia open. That’s when Opec surprised global markets by announcing an additional 1.1 million barrel per day production cut which they said was needed to “stabilize prices.” WTI closed at $74.37/b on March 31 and hit $81.50 at the Asian open. Nature and traders abhor a vacuum, and the $7.13 price gap has been filled. The negative oil pressure offset the slightly positive risk sentiment that occurred in early Asian hours overnight, thanks to Meta’s quarterly earnings result. Wall Street closed negatively as plunging First Republic bank shares […]
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