To convey the pessimism of the oil slump over the Canadian economy, Alberta’s Premier Jason Kenney recently crossed wires.
Key quotes
The federal government should take more action on oil prices.
Negative oil prices are very serious for Canada.
FX implications
The market’s paid a little heed to the news as such negative statements were anticipated to roll out following the WTI’s drop in negative territory (for May contract) given Canada’s dependence on oil. Also, a lack of clear direction offered an additional reason for the market’s lack of attention to the update.
Also read: US President Trump: Looking at putting as much as 75 million barrels into strategic petroleum reserves
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