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USD/CAD shooting up on OPEC’s no change decision

FXStreet (Guatemala) - USD/CAD is trading at 1.1309, up 0.67% on the day, having posted a daily high at 1.1328 and low at 1.1232.

USD/CAD has rallied on the back of OPEC’s decision to leave their quotas unchanged at 30 million barrels of production per day. The decision comes as a disappointment to oil producers and the price of WTI fell to a low of $70.86 from a high of $73.01 while the current price at time of writing stands at $71.28.

USD/CAD is now testing resistance through the 1.13 handle but has some work to do if it is to break the descending channels lines resistance higher and at around the mid point of the handle. A close above 1.1380 would put the pair back into positive territory but we would wait for a confirmation of a convincing position until next week when full markets have returned to their desks. With the US out, markets are illiquid and not a true picture of demand and supply and over the coming days markets will be digesting the news and addressing the forward outlook with this scenario and position accordingly after this knee jerk reaction.

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