USD/CAD Weekly: Oil, commodities and oil

Oil was the USD/CAD’s mirror image this week. The inversion kept perfect time with the USD/CAD rising every day West Texas Intermediate (WTI) fell and fading whenever it recovered. From Monday to Friday WTI lost 1.2%, opening at $61.48 and finishing at $60.75 and the USD/CAD gained 0.6%. It started the week at 1.2500 and completed trading at 1.2577. Resources and raw materials are an important aspect of the Canadian economy but it is hardly a one commodity export enterprise like some of the nations in the Middle East or even Russia. The unusual perfect correlation was due to the lack of competing inputs. The year … (full story)

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