28 Nov 2014
USD/CAD move higher on 1.14 fueled by OPEC - TDS
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities noted that the outcome of yesterday's OPEC meeting did not sit too well with the CAD.
Key Quotes:
“Funds jumped on the news that the cartel would not cut oil production targets and went bid all the way up to 1.1355, one big figure higher than where it started the day”.
"We have written here recently how lower crude oil prices would be a headwind for the CAD”.
“Based upon our Commodity colleagues' expectation that the drop we have seen in WTI is not all there is on the way down for it, we can only expect crude oil to continue exerting a drag on the CAD, fuelling USD/CAD's move higher."
"The bear channel that had developed on the daily chart through November appears to have had its requiem with the break above the trend line”.
Key Quotes:
“Funds jumped on the news that the cartel would not cut oil production targets and went bid all the way up to 1.1355, one big figure higher than where it started the day”.
"We have written here recently how lower crude oil prices would be a headwind for the CAD”.
“Based upon our Commodity colleagues' expectation that the drop we have seen in WTI is not all there is on the way down for it, we can only expect crude oil to continue exerting a drag on the CAD, fuelling USD/CAD's move higher."
"The bear channel that had developed on the daily chart through November appears to have had its requiem with the break above the trend line”.