Oil inventories and Canadian Interest Rate Decision » Day Trader Guide

Oil inventories and Canadian Interest Rate Decision

Two interesting events will be published today and both can generate sharp day trades with expires of up to ‘end of day’.

The first will be published at 14:00 gmt – Canadian Rate Decision.

Most of the global attention towards rates is focused on the U.S federal Reserve but Canada could surprise today and change its interest rate.

The current rate in Canada is 0.5% and any rise can generate enormous support for the CAD currency.

The CAD currency should react strongly even if the rate doesn’t change and traders should look for a strong trend after publication.

Oil inventories will be published at 14:30 gmt.

Oil is trading around $49.3 a barrel and can try to cross $50 a barrel today, especially if inventories are low.

The expected number is a drop of 1.7 million barrels in inventories, and any number below that could push oil towards its short term target of $50.06 a barrel and then to its medium term target of $54.2 a barrel.


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