CAD has been pressured by lower oil...>

DOLLAR-CANADA: CAD has been pressured by lower oil prices, although the loonie

did manage a brief recovery as WTI moved away from session lows, before USD/CAD

made fresh session highs at C$1.3174. Hourly resistance is noted at C$1.3211/15.

- Oil's volatility stems from a tweet made by US President Trump over the

weekend which stated that "Just spoke to King Salman of Saudi Arabia and

explained to him that, because of the turmoil & disfunction in Iran and

Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to

2,000,000 barrels, to make up the difference. Prices to high! He has agreed!"

The White House pulled back on this statement noting that King Salman bin

Abdulaziz affirmed that Saudi Arabia has 2 million barrels a day of spare

production capacity "which it will prudently use if and when necessary to ensure

market balance and stability, and in coordination with its producer partners, to

respond to any eventuality."

- Today is Canada Day, so CAD liquidity will likely be diminished.