9 months extensions has widely been recommended
Comments will roll in the whole day. The unknown factor is still Russia although yesterday Opec said they were on the same line.
Cad has been weakening into the event as oil found a top. Hedge funds have been unwinding longs this week. A 6-9 months extension to the current OPEC pact is not impressing many,
as the rest of the world continues to produce at high levels. I expect USDCAD to find support in the 1.2850 , if not 1.2800/10 zone fo ra break of 1.2915 soon. Small long , looking to add on
the lower support.
Here’s today’s OPEC schedule
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Actually Sold the small usdcad out for now around 1.2900 , waiting for month end fixings and /Opec to give a better level to get back in .