Potential Increase in Oil Prices Could Boost CAD and AUD: Macro Analysis

One Million Trade - 2024-03-12 20:30:00


The latest data published on USD API Weekly Crude Oil Stock shows a decrease from the previous data, indicating a potential decrease in crude oil inventories. This could lead to an increase in oil prices as lower inventories typically result in higher demand and prices. This could have a positive impact on oil-exporting countries' currencies such as the Canadian dollar (CAD) and the Australian dollar (AUD), as they are major oil exporters. Additionally, higher oil prices could also lead to inflationary pressures in the economy, impacting monetary policy decisions by central banks.


Currency sentiment: Bullish on CAD and AUD


Sentiment timeframe: Short to medium term