Canadian Dollar Advances As OPEC Agrees To Increase Output
03 Diciembre 2020 - 9:03PM
RTTF2
The Canadian dollar gained ground against its major counterparts
in the Asian session on Friday, as oil prices rose after OPEC and
its allies agreed to raise the crude oil output by 500,000 barrels
per day from next month.
OPEC and its partners, known collectively as OPEC+, agreed to
ease deep oil output cuts by 500,000 barrels per day to 7.2 mb/d
from the present levels of 7.7 mb/d.
"In light of the current oil market fundamentals and the outlook
for 2021, the Meeting agreed to reconfirm the existing commitment
under the DoC (Declaration of Cooperation) decision from 12 April
2020, then amended in June and September 2020, to gradually return
2 mb/d, given consideration to market conditions," the OPEC said in
a statement.
The group decided to meet every month to assess market
conditions and consider further production adjustments for the
following month, with further monthly adjustments being no more
than 0.5 mb/d.
Asian stocks were mixed as a bipartisan, $908 billion
coronavirus aid plan gained momentum in the U.S. Congress and
negotiations over a Brexit trade deal continued, despite
differences over fisheries, state aid for companies and rules to
resolve disputes.
Employment and trade data from the U.S. and Canada are due out
later in the day.
The loonie spiked up to more than a 2-year peak of 1.2848 versus
the greenback and a 2-day high of 0.9545 against the aussie, after
falling to 1.2874 and 0.9575, respectively earlier in the session.
The loonie is seen finding resistance around 1.25 versus the
greenback and 0.92 against the aussie.
The loonie edged up to 80.88 against the yen and 1.5608 against
the euro, off its early lows of 80.63 and 1.5635, respectively. On
the upside, 82.00 and 1.51 are possibly seen as its next resistance
levels against the yen and the euro, respectively.
Looking ahead, U.K. construction PMI for November is due out in
the European session.
U.S. and Canadian trade data for October, U.S. and Canadian jobs
data for November and U.S. factory orders for October are set for
release in the New York session.
Euro vs CAD (FX:EURCAD)
Gráfica de Divisa
De Mar 2024 a Abr 2024
Euro vs CAD (FX:EURCAD)
Gráfica de Divisa
De Abr 2023 a Abr 2024