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You are here: Home / Canadian Dollar / Canadian Wildfires Disruption Slowly Coming to an End

Canadian Wildfires Disruption Slowly Coming to an End

May 12, 2016 by Rob Lloyd

Canadian Wildfires Disruption Slowly Coming to an End

The devastating wildfires seen up in Alberta that stopped oil production have finally been put out, which has enabled oil production to restart in the region. No doubt the damage to the area and the effect on workers will mean it takes a little time for production to get back up to full production levels. No doubt the plants restarting my give the Loonie some rest bite.

CAD since the start of May has lost 4 cents due to the fires. This has come after reaching the strongest point for over a year against Sterling.

Oil prices up after inventory drop

oil price increaseThe CAD could well make back some of its own strength as the US crude Inventory which was expected to increase by 0.5million this week from last has actually been reported to be down 3.4million. In a market that is massively oversupplied this information brought an increase of 2.9% to the barrel price.

Problems in Nigeria where militia keep attacking the oil infrastructure and port blockades in Libya have helped the price significantly. There is an expectation that both these countries will have problems to improve these situations quickly with the belief that within a month Libya’s production could be down to 0 barrels a day.

Should this happen I would not be surprised for the CAD to regain back some of its lost position from the last few weeks.

There is a fairly quiet end to the week with regards to data release, however with the CAD value being so centred on oil I believe there may be a drop in the GBP/CAD rate as the Loonie finds strength.

Filed Under: Canadian Dollar Tagged With: Oil prices

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Rob Lloyd

Robert brings with him a wealth of knowledge on what is impacting exchange rates, especially around the subject of the EU Referendum and the implications for Sterling and Euro exchange rates.

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