Towards the OPEC cartel meeting, there seemed to be no agreement on a cut in production to curb the falling prices of oil. The member countries are committed to producing 30 million barrels a day and they basically produce even more. So, the prices of oil was on the slide towards the big event, with WTI trading below $75 and Brent below $80. When the decision finally came out, on thin Thanksgiving trading, we didn’t see a “sell the rumor, but the fact”, but rather an extended, accelerated sell off of the black gold. The dominant OPEC members and especially Saudi Arabia, are not happy with shale production in the US and with a lower price of oil, these expensive US projects are not so profitable, to say the least. WTI is trading below $70 and Brent under $75, under $72 at the time of writing. Currencies of oil producing nations are falling. USD/CAD had an immediate leg up immediately after the decision to above 113, and it is now extending its gains above 1.1370. The previous 2014 high of 1.1384 serves as resistance. The most recent high of 1.1468 is the ultimate line. For more lines, see the Canadian dollar forecast. Also other oil producing countries see their currencies fall: Russia, Norway and Mexico are experiencing multi-year lows for their currencies against the dollar. Here is how it looks on the chart: Yohay Elam Yohay Elam 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 a 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next The Case For Staying Short on EUR Into Next Week’s Yohay Elam 7 years Towards the OPEC cartel meeting, there seemed to be no agreement on a cut in production to curb the falling prices of oil. The member countries are committed to producing 30 million barrels a day and they basically produce even more. So, the prices of oil was on the slide towards the big event, with WTI trading below $75 and Brent below $80. When the decision finally came out, on thin Thanksgiving trading, we didn't see a "sell the rumor, but the fact", but rather an extended, accelerated sell off of the black gold. The dominant OPEC members and especially… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
