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CAD will be sensitive to OPEC - BTMU

FXStreet (Guatemala) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ note conditions surrounding the commodity linked currencies for the week ahead.

Key Quotes:

“The commodity-linked currencies (of net petroleum exporters) of the Canadian dollar, Norwegian krone, and Russian rouble will also be sensitive in the week ahead to the upcoming OPEC meeting which is scheduled on the 27th November”.

“Iran’s state-run Mehr News agency has reported that Iranian Oil Minister Bijan Namdar Zanganeh may propose that OPEC members cut supply by 1 million barrels/day when he meets with Saudi Arabia’s Oil Minister Ali Al-Naimi”.

“The price of Brent crude oil has at least temporarily stabilized at around USD80/barrel heading into the OPEC meeting”.

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