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Bank of Canada and OPEC meeting on deck

Posted on: May 23, 2017

Tragedy struck in Manchester as 22 people were killed in a terrorist attack on Monday night. GBP is slightly under performing. EUR pushed to new cycle high of 1.1268 after Merkel’s “too weak” comment on the Euro.

Focus for the CAD this week is the BOC decision tomorrow and the OPEC meeting on Thursday. Not much is expected for the BOC decision and there is no MPR so do not expect a whole lot of volatility into the event. On the other hand, there is a lot of bullish expectation on production cut of 9 months from OPEC currently and oil is riding high on that sentiment. Should the cut come up short of 9 months, we could see oil retrace some of its recent gain and remove some support for the CAD.

  • Previous Day’s NA Range 1.3485 - 1.3512
  • Overnight range 1.3456 - 1.3509


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