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Oil Price - Canadian Dollar depreciates due to lower Oil prices, Fed Minutes ahead
22-05-2024 02:22
The Bank of Canada's (BoC) preferred trimmed-mean core inflation rate eased to 2.9%. Moreover, the BoC’s median core rate dropped more than anticipated to 2.6%, marking its lowest level since June 2021. These developments have bolstered expectations of a rate cut from the BoC in June, thereby undermining the Canadian Dollar (CAD).
Crude oil extends decline despite geopolitical tensions; 4 key reasons weighing on prices
Crude oil prices fell despite the ongoing geopolitical tensions and ahead of the meeting of the Organization of the Petroleum Exporting Countries and its affiliates, together known as OPEC+ on supply.