Latest OPEC headlines trigger a recovery in crude oil prices. USD/CAD fails to hold above 1.33. US Dollar Index turns negative below 94.70. After breaking above the 1.33 mark for the first time in nearly a year, the USD/CAD pair lost its traction and retraced its daily gains in the last hour as the commodity-sensitive loonie started taking advantage of the rising crude oil prices. As of writing, the pair was virtually unchanged on the day at 1.3280. Since the start of the week, contradictory comments from OPEC officials have been impacting crude oil’s price action. Earlier today, Saudi Arabia’s crown prince Mohammed bin Salman argued that producers needed to discuss bringing more supply to the market. On the other hand, Iran’s OPEC Governor, Hossein Kazempour, said that OPEC and its allies should stick to existing oil supply cut deal at least until the end of the year. The latest headlines came from Secretary general of OPEC, Mohammed Sanusi Barkindo, who stated that he was confident that they would be able to reach a deal on Friday. Crude oil prices reacted positively to Barkindo’s remarks and the barrel of West Texas Intermediate quickly recovered above the $65 mark. As of writing, the barrel of WTI was trading at $65.70, adding 80 cents on the day. On the other hand, the US Dollar Index, which failed to break above the 95 mark for the second day in a row on Wednesday, reversed its course in the early NA session and turned negative near 94.60. The data from the U.S. showed that the current-account deficit increased to $124.1 billion in the first quarter of 2018 from $116.2 billion in the last quarter of 2017. Later in the session, the EIA is going to publish its weekly inventory data. A higher-than-expected draw in crude stocks could provide an additional boost to crude oil prices and drag the pair lower. Technical levels to consider On the upside, the initial resistance aligns at 1.3310 (daily high) ahead of 1.3340 (Jun. 21, 2017, high) and 1.3400 (psychological level). On the downside, supports could be seen at 1.3200 (Jun. 19 low/psychological level), 1.3115 (Jun. 15 low) and 1.3035 (20-DMA). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Technical Analysis: Euro sidelined ahead of Powell/Draghi speeches at ECB forum in Portugal FX Street 5 years Latest OPEC headlines trigger a recovery in crude oil prices. USD/CAD fails to hold above 1.33. US Dollar Index turns negative below 94.70. After breaking above the 1.33 mark for the first time in nearly a year, the USD/CAD pair lost its traction and retraced its daily gains in the last hour as the commodity-sensitive loonie started taking advantage of the rising crude oil prices. As of writing, the pair was virtually unchanged on the day at 1.3280. Since the start of the week, contradictory comments from OPEC officials have been impacting crude oil's price action. Earlier today, Saudi Arabia's… 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.