USD/CAD Loonie Caught between OPEC-Russia Deal and Oil Supply Glut

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Canadian dollar had a net positive day on Thursday with oil prices again dictating the fate of the loonie. Talks of cooperation between theOrganization of the Petroleum Exporting Countries (OPEC) and Russia are making crude end up north of $30 even as Iran is working away at legal and logistical issues to reincorporate to global production. The Federal Open Market Committee (FOMC) announcement yesterday to maintain the benchmark rate unchanged between 0.25 and 0.50 percent came as no

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