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Canadian Dollar Takes Hit as Oil Prices Fall

Oil is trading at around $71.00 per barrel, down from March 2022 highs of $130 per barrel. Despite supply cuts from OPEC , the Chinese economy reopening, and increased demand from India, the U.S. Energy Information Administration (EIA), expects oil prices to hover around $73.62 per barrel in 2023 and $74.00 per barrel in 2024, far below the average $85 per barrel.

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Canadian Dollar Takes Hit as Oil Prices Fall

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  1. 416-510 5560 info@learn-to-trade.com Canadian Dollar Takes Hit as Oil Prices Fall

  2. Canadian Dollar Takes Hit as Oil Prices Fall The Canadian dollar is taking a hit against the U.S. dollar, after positing its biggest decline since March. The Canadian dollar, which is trading at $1.33 compared to the U.S. greenback is down 0.8% over the last few trading days and has lost 3.7% of its value over the last year. The Canadian dollar is facing headwinds due to lower oil prices and economic data out of the U.S. which shows the world’s biggest economy is slowing down and expected to tip into a recession. Oil is trading at around $71.00 per barrel, down from March 2022 highs of $130 per barrel. Despite supply cuts from OPEC+, the Chinese economy reopening, and increased demand from India, the U.S. Energy Information Administration (EIA), expects oil prices to hover around $73.62 per barrel in 2023 and $74.00 per barrel in 2024, far below the average $85 per barrel.

  3. Why Is Canadian Dollar Down? • At 9.5%, the energy sector is responsible for a big part of Canada’s gross domestic product (GDP). Oil and gas, which includes upstream and midstream operations, and natural gas distribution, accounts for 7.5% of national GDP. • There is a high correlation between the Canadian and U.S. dollars and price of oil. When the price of oil rises, the Canadian dollar usually rises in step to the U.S. dollar. And when Canada sells oil to the U.S., it gets paid in U.S. dollars. • Canada is home to the third largest oil reserves in the world, with 171 billion barrels of crude—a 10th of the world’s oil supply. The vast majority of it (166.3 billion barrels) is located in Alberta. Link:- https://learn-to-trade.com/canadian-dollar-takes-hit-as-oil-prices-fall/

  4. Canada’s Leader in Stock Market Trading Courses • The Canadian loonie is facing headwinds from weaker oil prices and softening economic conditions in the U.S. Both factors could change the country’s financial picture and corporate earnings. • As Canada’s oldest and leading provider of stock market trading courses, Learn-To-Trade.com can teach you how to trade more confidently and profit more consistently, no matter what’s happening on Wall Street or Bay Street. • The trading experts at Learn-To-Trade.com, also understand that investors learn at their own pace and may want to spend more time with a certain investing strategy. • That’s why we provide a unique, Lifetime Membership that allows you to re-attend any part of the program as often as you’d like. • To learn more about Learn-To-Trade.com’s stock market trading courses, contact us at 416-510-5560 or by e-mail at info@learn-to-trade.com.

  5. 885 Don Mills Road, Suite 200 Toronto, Ontario M3C 1V9 Canada 416-510 5560 info@learn-to-trade.com

  6. Thank you

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