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CAD Volatility Ahead Of OPEC

CAD Volatility Ahead Of OPEC

Economic data was encouraging last week with the release of the Canadian retail sales report and the U.S. durable goods report. The energy market was also the focus of attention as crude oil fluctuated on rumors that Organization of the Petroleum Exporting Countries (OPEC) may come to an agreement at the Vienna meeting on November 30 and as we get a clearer picture of the policies the Trump administration intends to put in place. This volatility was transposed in the currency markets, where the Canadian dollar strengthened against the USD in the beginning of the week when an agreement seemed more probable, but declined on Friday as crude-oil price was declining.

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