Despite a shortened week due to President Day in the United States, financial markets remained highly volatile last week.
- For the first time in February, the price of oil ended the week in negative territory. At the close of markets Friday, WTI was below 51 USD/barrel while the Brent was near 60 USD/barrel.
- In line with previous weeks, USD/CAD displayed once again significant volatility. The oil price decline and the publication of January's retail sales in Canada have had the upper hand over the course of the USD/CAD, which ended the week up by over 80 points.
- The uncertainty of energy prices, combined with weaker than expected retail sales, continue to raise doubts on the health of the Canadian economy. In this context, the 2-year and 5-year swap rate ended the week almost 3 points lower.
Have a great week!