USDCAD: To Infinity, and Beyond!
Another day, another new multi-year low in oil: both WTI and Brent have started the trading week on the back foot, declining to new nearly 6-year lows at 46.50 and 48.25 respectively. There wasn’t a specific economic catalyst for the drop in oil; instead downgrades from major international banks drove oil prices lower. Goldman Sachs cut its 2015 forecast for oil prices down to $47.15/barrel, down from $73.75 previously, while Société Générale cut its forecast to $55 from $70 previously. Of course, the question of why traders are influenced by volatile and unreliable bank forecasts is beyond the scope of this ... (full story)