Crude suffered another setback overnight after Saudi Arabia announced that it would cut its prices for U.S. buyers. WTI, the main oil benchmark used in the U.S., has hit a five-year low in the past few hours. Curiously, the loonie is also trading at its weakest level since July 2009 against the greenback, with a similar situation holding true for the euro and yen, which both lost substantial ground yesterday, weighed down by easing measures.
Today at 8:30 a.m., Canada-U.S. Trade Balance figures for September will be released. Markets expect a lower trade deficit in Canada, dropping from -0.6 billion to -0.3 billion, while the deficit is expected to remain generally stable south of the border at -40.2 billion. Then at 10 a.m., U.S. Factory Orders for September will follow suit. Markets expect a major turnaround, with only a - 0.6% dip compared to the -10.1% plunge in August.
Range of the day: 1.1330 - 1.1445
Range of the next 5 days: 1.1170 – 1.1535
