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Russia and Saudi extends oil cuts

Posted on: May 15, 2017

Russia and Saudi agreed to extends oil production cuts until March 2018 which sends price up 3% this morning. Risk sentiment also buoyed by key victory for Merkel in Germany’s largest state but marginally offset by another North Korean ballistic missile launch over the weekend.

The week starts with general USD weakness post Friday’s core CPI miss. USDCAD aided by both dollar weakness and oil strength is testing the 1.3600 support early this morning. A break of 1.3600 should open the downside to 1.3530. Light calendar today with not much significant economic data so watch oil and equities for direction on USDCAD. With oil up 3%, my bias is still sell rallies for the day.

  • Previous Day’s NA Range 1.3666 - 1.3742
  • Asia overnight range 1.3669 – 1.3723
  • London overnight range 1.3607 - 1.3656

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