- USD/CAD trades in a tight range over1.29.
- WTI slips below $45 ahead of OPEC announcement on output strategy.
- USD sells off versus major rivals.
USD/CAD dropped 1.2905 a 2 year low on Thursday before picking up However, USD/CAD ran into resistance 1.2950 and headed lower again. The pair trades at 1.2922.
Oil lacks direction on Thursday
Crude oil’s lacklustre trading limits CAD’s gains Reuters reported that OPEC+ was considering extending oil output cuts with a gradual increase in the output. West Texas Intermediate is posting small daily losses at $44.80.
USD prevents any meaningful move higher in USD/CAD. The US Dollar Index trades at an over 2 year low at 90.83, down 0.3%.
Looking ahead US economic calendar sees the release of Initial Jobless Claims and IHS Markit’s and the ISM’s services PMI figures.
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