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OPEC doubts grow as USD regains some strength

Posted on: November 29, 2016

Yesterday we saw general USD weakness in the market, as USDJPY broke through 112 while USDCAD tried repeatedly to break through the psychological level of 1.3400 but support stepped in each time. Overnight doubts about the likelihood of an OPEC agreement continue to grow, with WTI trading below $46. Could this be a trap, the setup for one giant short squeeze by OPEC? Maybe. But its more likely the result of the unwillingness to compromise between countries that rarely see eye to eye.

Around the globe, Draghi announced that the UK, and not the Eurozone will feel the pain of Brexit. The Italian Referendum takes center stage in Europe. AUD continues to struggle while USDJPY has broken back through 113 this morning. This morning US GDP was revised higher at 3.2% compared to expectations of 3%. Later today we have Consumer Confidence in the US. Today I look to buy USDCAD on dips towards 1.3400 while being mindful of any positive OPEC headlines.

Happy Trading!

  • Yesterday’s NA Range 1.3397– 1.3479
  • Asia Overnight Range 1.3400 – 1.3436
  • London Overnight Range 1.3424– 1.3465

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