USDCAD: Short at 1.3415 - all eyes on OPEC meeting

FX:USDCAD   U.S. Dollar / Canadian Dollar
The most important event for CAD investors is today’s OPEC meeting, at which its members discuss terms of a potential deal to cut production.
Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was getting close to clinching a deal to limit oil             output, adding it was fine for Iran to freeze production at pre-sanctions levels. The comments could be seen as a compromise by Riyadh, which in recent weeks insisted that Iran fully participate in cuts. Falih also said the Organization of the Petroleum Exporting Countries was focusing on reducing output to a ceiling of 32.5 million barrels per day. He added that even if OPEC failed to reach a deal, the market would slowly recover as fundamentals were moving in the right direction.
"I think we are looking at a very positive meeting," said UAE Energy Minister Suhail bin Mohammed al-Mazroui. His colleagues from Angola, Algeria and Nigeria also said they believed OPEC would reach a deal on Wednesday.
Documents prepared for Wednesday's meeting propose the group cut production by 1.2 million bpd from October levels. The papers also propose Saudi Arabia reduce production to 10.07 million bpd from 10.54 million bpd in October and that Iran freeze output at 3.797 million bpd.
Oil             jumped more than 5% on Wednesday, after the Saudi oil             minister said an agreement among OPEC members on cutting output was close. Higher oil             prices supported the loonie.
The market shrugged off Canadian macroeconomic data yesterday. Canada's current account deficit narrowed to CAD 18.3 billion in the third quarter from a revised CAD 19.02 billion deficit in the second quarter as exports picked up. Canada's GDP data for the third quarter is due on Wednesday. The market expects growth of 3.4%, up from a 1.6% drop in the second quarter. But the reading may be overshadowed by OPEC meeting outcome.
We opened USD/CAD             short position at 1.3415 today. - Daily Forex Trading Strategies
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out