USD/CAD is sustaining comfortably above 1.2600 amid falling oil prices.
Additional oil supply at 1.3 million bpd will offset the supply cut by Russia after sanctions on Moscow.
This week BOC ‘s interest rate decision and the US CPI will be the main events to keep on the radar.
Meanwhile, the lockdown curbs in China to contain the Covid-19 have restricted the movement of men, materials, and machines. This has dampened the demand for oil in a country, which carries the tag of the biggest importer of oil.
Additional oil supply at 1.3 million bpd will offset the supply cut by Russia after sanctions on Moscow.
This week BOC ‘s interest rate decision and the US CPI will be the main events to keep on the radar.
Meanwhile, the lockdown curbs in China to contain the Covid-19 have restricted the movement of men, materials, and machines. This has dampened the demand for oil in a country, which carries the tag of the biggest importer of oil.