Yesterday the head of the Bank of Canada Stephen Poloz said that he sees "the beginning of better times for oil":
- The remarks of Poloz followed the publication of a report by the International Energy Agency (IEA) on Thursday indicating global signs of recovery compared to Black April.
- The IEA attributes the 'sharp decline in production' in non-OPEC countries, led by Canada and the United States. And as we can see, dozens of Canadian energy companies have reduced production.
In his speech Poloz did not fail to recall a decrease in reserves of 700 thousand barrels. The system begins to gain momentum, which is certainly a strong wave of optimism not only for oil quotes, but also for the currency pair #USDCAD (restoration of the Canadian over three months perspective).