USD/CAD reverses and erases losses despite crude rally

USD/CAD rose almost a hundred pips during the last three hours despite the fact that crude oil prices remain near daily highs, consolidating a gain of more than 7%. The OPEC meeting is over and now officials are giving a press conference. 

The pair reversed its trend amid a stronger US dollar and after the agreement in the OPEC to cut oil output. Earlier it bottomed at 1.3355 and has just printed a fresh daily high at 1.3459. It was trading at 1.3445/50, marginally higher for the day. The WTI barrel reached a fresh high at $49.00 and it was up 8.30% for the day so far. 

Buy the rumor, sell the fact? 

The reverse in the USD/CAD took place even after Canadian GDP surprised to the upside, showing the economy expanded at a 0.3% MoM in September (above the 0.1% expected) and at annualized 3.5% during the July-September period.

The loonie still remains a top performer among commodity currencies. While USD/CAD is unchanged for the day, AUD/USD tumbled to 6-day lows, below 0.7400 and NZD/USD dropped back under 0.7100.