CAD Rises as Oil Rises After Lower US Inventories

he risk-sensitive Canadiandollar was little changed against its U.S. counterpart onThursday as oil prices rose and equity markets dipped.

The loonie’s steady performance follows a retreat from anearly three-week high on Wednesday after a more dovish thanexpected statement from the Bank of Canada. Bank of Canada Deputy Governor Timothy Lane will give apresentation on the topic “Committed to a better Canada: theBank of Canada’s role in challenging economic times.”

The deputy governor’s appearance may be more closelymonitored by investors after the central bank revealed a moredovish stance. The central bank will release his preparedremarks at 12:10 p.m. EDT.

Losses for European and U.S. stocks cameafter the European Central Bank kept its already loose policystance unchanged. Oil prices rose after U.S. industry data showed a largedrawdown in crude stocks, reflecting the impact of an Atlanticstorm. U.S. crude prices were up 2.07 percent to $46.44 abarrel. Oil is one of Canada’s major exports.

via Reuters

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