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CAD strengthens as oil prices enjoy gains heading into OPEC meeting

Posted on: November 21, 2016

CAD has started the week off on a positive note, as a nice rally in WTI overnight has USDCAD back in the mid-1.34s. GBPUSD has spiked higher this morning on a move that nobody can seem to explain, testing 1.25 before retreating slightly.

Over the weekend Angela Merkel announced she would seek a 4th term in Germany, while Nicolas Sarkozy conceded defeat in the French primary, suggesting the nationalist movement does not have quite the same strength in France, at least not yet. This has EURUSD rallying to start the week. Data to watch this week includes Canadian Retail Sales tomorrow. Liquidity could be light later in the week with US Thanksgiving.

Happy Trading!

  • Friday’s NA Range 1.3493 – 1.3540
  • Asia Overnight Range 1.3446 – 1.3514
  • London Overnight Range 1.3436 – 1.3481

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