FX Daily Update
The National Bank of Canada | Jun 08, 2016 08:46AM ET
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.
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