OPEC is meeting this week in Vienna and oil prices seem to have bottomed out at the moment, OPEC’s output has curtailed, allowing producers some pickup in revenues. OPEC believes that the shale production in the USA will diminish next year due to over production this year and that it be able to raise prices even further in the future. Iraq has announced production cuts and said it will likely have even more cuts after the meetings in Vienna. Expect a narrow range on the USDCAD.
Currently Close Range
USDCAD 1.3296 1.3282 1.3272-1.3307
EURCAD 1.4725 1.4634 1.4617-1.4745
GBPCAD 1.7200 1.7174 1.7130-1.7213