OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD drops to hourly 200-MA ahead of OPEC decision

FXStreet (Mumbai) - The USD/CAD pair weakened moderately to trade around its hourly 200-MA 1.3338 as traders await the OPEC decision.

CAD to track crude ahead of payrolls figure

The OPEC is widely expected to keep the output changed. However, there is a slight possibility of Saudi expressing willingness to work with OPEC/non-OPEC members in the future to cut production and support prices. The decision could influence oil prices and impact CAD.

Later today, the non-farm payrolls could trigger an adjustment in Fed rate hike bets and influence the market’s appetite for the US dollars.

USD/CAD Technical Levels

The immediate support is seen at 1.3338 (hourly 200-MA), under which the losses could be extended to 1.33. On the other side, resistance is seen at 1.3352 (hourly 50-MA) and 1.34 (previous day’s high).

USD/CHF door open for a test of 0.9815 – Commerzbank

After yesterday’s sharp pullback, Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested the pair could test the 0.9815 level...
Read more Previous

Iran does not expect OPEC to do anything, Saudi willing to cooperate

The latest comments from the OPEC meeting in Vienna paint a mixed picture regarding the prospects of future cut in the production.
Read more Next
Start livechat