• 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.