USD/CAD levelled out after turbulent OPEC day
- November 30, 2016
- Posted by: HumbleTraders
- Category: Market wraps
Currently, USD/CAD is trading at 1.3420, down -0.13% on the day, having posted a daily high at 1.3465 and low at 1.3357.
USD/CAD has leveled out after a turbulent day that es immersed in the OPEC meeting taking place earlier where, finally, it seems on official announcements that a deal has been reached and will be taken forward. Oil has rallied over 9% on the deal and the Canadian dollar had enjoyed such relief, climbing from 1.3440 vs the dollar up to to 1.3354.
Oil rallies 9% on OPEC accord to cut production finally reached, confirmed by Al-Sada
However, on the uncertainty throughout the day, the greenback to back the helm and rallied across the board on the back of a sure bet Fed hike taking place in Dec while US data continues to outperform and put the US economy on track for an accelerated recovery under Trumps administration and presidency in 2017. The ADP report, as a prelude to nonfarm payrolls was much better than expectations, GDP was also higher than expected yesterday and today’s PCE was in line and better year on year than expected.
Dollar index rises after OPEC deal, approaches 2016 highs
Current price is 1.3420, with resistance ahead at 1.3422 (Weekly Classic S1), 1.3422 (Weekly Low), 1.3436 (Daily 20 SMA), 1.3438 (Daily Open) and 1.3440 (Daily Classic PP). Next support to the downside can be found at 1.3419 (Hourly 20 EMA), 1.3400 (Yesterday’s Low), 1.3397 (Daily Classic S1), 1.3358 (Daily Classic S2) and 1.3357 (Daily Low).
Source: Fx News
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