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FX Daily Update

Published 06/08/2016, 08:46 AM
Updated 05/14/2017, 06:45 AM

Crude oil north of $50

Despite the lack of major economic news yesterday, our dollar rose again, due mainly to Friday’s disappointing U.S. job data and especially crude oil prices rising above $50 a barrel. This is the first time since July 2015 that WTI has closed above $50. The armed conflict in Nigeria is threatening the output of 2 million barrels per day and giving energy markets jitters. The level to watch remains the same, at $50.92. A closing price above that mark today could result in an accelerated downward pace in the USD/CAD pair toward 1.2500.

In the meantime, buyers should partially take advantage of the 500-point plunge in the USD over the past 3 days before the expected volatility surrounding the release of Canadian job data on Friday morning.

On the menu this morning: Housing Starts and Building Permits in Canada and JOLTS Job Openings south of the border.

Economic Data

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