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Oil price surge swamps USDCAD
USDCAD collapsed from 1.3360 at the New York open to 1.3313 as of 14:15 GMT coinciding with a surge in WTI oil prices to $58.05/barrel from an overnight low of $57.04/b. The rally was fueled by a surprise decline in weekly crude oil stocks as reported by API yesterday and again this morning by the Energy Information Administration report showing Weekly Crude Stocks declining 3.86 million barrels. Shrinking inventories combined with global production declines and somewhat positive developments in the US/China trade talks are underpinning prices. The USDCAD uptrend since October is intact while prices are above 1.3150 ... (full story)