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CAD blows in the wind as market waits on OPEC

Posted on: November 30, 2016

Yesterday was the calm before the storm in USDCAD, with participants content to trade in a range ahead of the OPEC announcement this morning. CAD is strengthening, partially on rumors that OPEC has agreed to a 1.2MM bbl/d cut which is helping all petrocurrencies and partially on strong Canadian Q3 GDP numbers. If it can break through 1.3350 we may see a test of 1.3300, however employment numbers on Friday continue to be a wildcard.

This morning US data was generally positive. ADP numbers beat expectations, however October was revised lower. Personal Income came in better than expected and Personal Spending came in weaker than expected. However both were revised higher for the previous month.

Happy Trading!

  • Yesterday’s NA Range 1.3412– 1.3481
  • Asia Overnight Range 1.3421 – 1.3452
  • London Overnight Range 1.3357– 1.3449

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