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USD/CAD – Loonie Rises After OPEC Cooperation Comment

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The USD/CAD had been caught in a range between 1.3990 and 1.3950 with the loonie fighting to stay below the 1.40 price level. The price of oil suddenly depreciated at 2:30 pm which is when a shocking comment from United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said that the Organization of the Petroleum Exporting Countries (OPEC) is now ready to cooperate on crude production levels. The market had reacted positively to rumours of a Russia and OPEC cooperation deal, only to

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