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Will there be a weaker Canadian dollar next week?


Guest Sam Bouman

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The short answer to this I believe will be yes and there are a couple of reasons why. 

Firstly we have to consider the oil market as this has a big affect on the Canadian dollar and is normally strongly correlated. With the EU creating a passage to be able to continue their previous deal with Iran this means that they will be able to purchase Iranian oil therefore meaning more supply on the market and a potential drop in oil prices. Secondly  some more bad news for oil prices is that US and Iraq outputs have increased by a lot. The US output has topped 12 million barrels a day for the first time ever and Iraq’s oil output recently rose to 4.05 million barrels a day. more oil equals lower prices.

And with this is where I feel my argument for a weaker Canadian dollar lay, and believe next week we will see that. I wouldn’t want to call a certain pair but I believe the USDCAD could see some up side when the market opens tonight.

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