Skip to content


Oil erases recent gains; CAD falls on BOC


  • Another DOE build has seen oil drop sharply to near its weekly lows
  • BOC keep rates on hold, but trade warning weighs on CAD
  • ADP beats forecasts as NFP hopes are raised
  • Crypto markets sell-off
  • ECB and NFP preview

 The weekly DOE inventory data from the US has shown another build and despite an attempt to move higher immediately following the release the Oil markets remain under pressure. A rise of 2.4M was marginally lower than the 2.6M expected, and given that last night’s API showed a large build of 5.7M the initial move to the upside could be expected. The surge higher was around 60 cents but this has since been erased in its entirety and the market now trades lower on the day. 

The Bank of Canada have kept rates on hold following their latest monetary policy meeting as was widely expected, but some cautious rhetoric surrounding trade has weighed on the Loonie in the immediate reaction.

Given the fallout from last month’s NFP report, this Friday’s release will no doubt be highly anticipated. Today we’ve had some data to whet the appetite, with the ADP  coming in better than expected and raising the bar for the NFP release. The employment change showed 235k jobs being added in February, above the 199k expected and market the 3rd consecutive beat for this print.

All major virtual coins such as Bitcoin, Ripple, Litecoin, Ethereum or Dash are losing steam while some of them have already achieved decent technical levels which could serve as a tipping point in the short-term. First and foremost, let us remind our view expressed on Tuesday with regard to Bitcoin when we warned about a possible bearish engulfing

While this week’s focus is rightly on the simmering trade wars sparked by Trump, traders will also have an eye on key calendar events ahead: the ECB meeting and NFP report. We analyse these events and look at relevant markets: EURUSD and US500. An in-depth preview of both events can be found here


This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.