USD/CAD – Loonie Falls After OPEC Dismisses Production Cut

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Canadian dollar retreated on Tuesday after comments from Saudi oil minister Ali Ibrahim Naimi that the current agreement between Organization of the Petroleum Exporting Countries (OPEC) and Russia does not include reducing production to an audience in Houston. The OPEC Secretary General had earlier blamed non-OPEC producers in particular U.S. shale companies. The price of West Texas dropped under $30 per barrel and dragged down commodity currencies including the loonie. The USD advanced

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