OPEC is expected to hike oil output in August. After the August hike, oil prices plunged after OPEC failed to assure investors of output increases. USD/CAD has broken above the 30-SMA in the charts. On Friday, the USD/CAD price climbed higher after the OPEC meeting. OPEC said it would stick to hiking oil output in August, which was no surprise to investors. –Are you interested in learning more about Canadian forex brokers? Check our detailed guide- “Uncertainty over OPEC+ policy in and after September and fears that the aggressive rate hikes by the Federal Reserve would lead to a US recession and hamper fuel demand dampened sentiment,” said Tsuyoshi Ueno, senior economist at NLI Research Institute. The OPEC+ members, including Russia, ended their two-day meeting yesterday. Investors were keen on the failure to illuminate their policy from September onwards. US President Joe Biden is expected to visit Saudi Arabia mid-July to discuss energy policy as high fuel prices continue to drive up inflation. “All eyes are on whether or not Saudi Arabia or any other Middle Eastern oil producer would bolster output to respond to the US request,” NLI’s Ueno said. Falling oil prices have been known to hurt the Canadian dollar as the country benefits from expensive oil. It is why USD/CAD soars when oil prices plunge. USD/CAD key events today Canada will not be releasing any significant news today, and the country is on holiday. Investors will keep an eye out for the United States ISM Manufacturing PMI report that will be released later today. The report is expected to show a drop from 56.1 to 54.9. A higher-than-expected value could push USD/CAD up, while a lower-than-expected value could see the pair drop. Get FREE Forex Signals Now! USD/CAD price technical analysis: Bulls to test 1.30003 The 4-hour chart shows a change in the trend to bullish. The price has broken above the 30-SMA and is currently heading higher. This move is a sign that bulls have taken charge and have momentum on their side as the RSI is trading above 50. –Are you interested in learning more about high leveraged brokers? Check our detailed guide- The price found support at 1.28635 and could push to 1.30003, which acted as resistance on June 23. The next resistance would be at 1.30575. Bears will only take over if the price breaks below the 30-SMA and the RSI trades below the 50 levels again. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next EUR/USD Price Challenges 1.0470 Key Resistance, Awaiting US ISM Data Saqib Iqbal 1 month OPEC is expected to hike oil output in August. After the August hike, oil prices plunged after OPEC failed to assure investors of output increases. USD/CAD has broken above the 30-SMA in the charts. On Friday, the USD/CAD price climbed higher after the OPEC meeting. OPEC said it would stick to hiking oil output in August, which was no surprise to investors. -Are you interested in learning more about Canadian forex brokers? Check our detailed guide- "Uncertainty over OPEC+ policy in and after September and fears that the aggressive rate hikes by the Federal Reserve would lead to a US… Regulated 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.