CAD: Oil Prices Set For Further Recovery Towards An Average Of USD65/bbl in Q1 – Danske

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The Canadian dollar gained some ground with the recovery in oil prices. Where can it go?

Here is their view, courtesy of eFXdata:

Danske Research discusses the oil prices outlook and projects further recovery ahead which should be CAD positive, keeping USD/CAD under pressure in Q1.

“The price on Brent crude rose above USD60/bbl yesterday. Oil prices are buoyed by improved risk sentiment in equity markets and OPEC+ production cuts beginning to take effect. Bloomberg survey data showed that Saudi Arabia, as announced, started to scale back production already in December.

We forecast Brent to average USD65/bbl in Q1 and thus look for the recovery to extend further,” Danske notes.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.