WTI rises above $68 on Friday amid OPEC headlines. Dismal CPI and retail sales data from Canada hurt the loonie. On a weekly basis, USD/CAD gains nearly 150 pips. After erasing yesterday’s gains and dropping to a fresh two-day low at 1.3260, the USD/CAD pair reversed its course and spiked to its highest level in more than a year at 1.3380 following the disappointing macroeconomic data releases from the United States. However, crude oil’s strong performance forced the pair to retrace a portion of its daily gains in the last hours. As of writing, the pair was trading at 1.3330, adding 0.11% on the day. Today’s data from Canada showed that retail sales contracted by 1.2% in April to fall short of the market expectation of 0%. Furthermore, the core-CPI data released by the Bank of Canada dropped to 1.3% on a yearly basis in May from 1.5% in April. On the other hand, following the meeting in Vienna today, OPEC announced its decision to increase output by 1 million barrels per day effective from 1 July with the intention to bring the total compliance to the current output agreement to down 100% from 146%. “It remains unclear what OPEC will do when the current deal expires at the end of the year. A decision on this will likely be made on 3 December. The deal today does not affect our current forecast for Brent to average USD72/bbl in H2 and USD73/bbl in 2019,” Danske Bank analysts wrote in a recently published report. Meanwhile, the barrel of West Texas Intermediate was last seen trading at $68.11, adding nearly 4% on the day. Technical levels to consider The pair could encounter the first technical resistance at 1.3380 (daily/yearly high) ahead of 1.3400 (psychological level) and 1.3470 (Jun. 12, 2017, high). On the downside, supports are located at 1.3300 (psychological level), 1.3260 (daily low) and 1.3200 (Jun. 19 low/psychological level). 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 US Pres. Trump extends national emergency with respect to N. Korea FX Street 5 years WTI rises above $68 on Friday amid OPEC headlines. Dismal CPI and retail sales data from Canada hurt the loonie. On a weekly basis, USD/CAD gains nearly 150 pips. After erasing yesterday's gains and dropping to a fresh two-day low at 1.3260, the USD/CAD pair reversed its course and spiked to its highest level in more than a year at 1.3380 following the disappointing macroeconomic data releases from the United States. However, crude oil's strong performance forced the pair to retrace a portion of its daily gains in the last hours. As of writing, the pair was trading at 1.3330,… 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.