Trump Said to Plan Orders Approving Keystone, Dakota Pipelines: BBG

Haresh Menghani FXStreet

Bloomberg reported that the US President Donald Trump intends to sign two executive actions today that would advance construction of the Keystone XL and Dakota Access pipelines.

The Keystone XL pipeline will bring Canadian oil from Alberta to the Gulf Coast and would result in better margins for oil companies apart from attracting more investments in Canadian oil sector.

The steps vividly illustrate Trump’s plan to give the oil industry more freedom to expand infrastructure and ease transportation bottlenecks.

Following the news, the Canadian Dollar rose sharply taking the USD/CAD pair to fresh session low near 1.3200 handle.

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Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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