Crude oil futures have posted gains every month of 2024, March's 6.3% rise was the best performance seen since September. The rally has extended into April trading
Despite the gains in oil, the Canadian dollar has failed to gain traction. Limited upside has been followed by losses in the currency, the loonie is tracking a YTD decline of 2.5%. And while the NOK is not doing any better, it has sharply reversed losses in recent sessions
For the moment, developments in the crude oil market may not be as relevant as the upcoming BoC decision. Read our BoC April rate decision preview here
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