Crude oil prices fall ahead of OPEC meeting. Commodity-sensitive loonie struggles to find demand. US Dollar Index goes into consolidation below 95. Earlier today, boosted by a combination of a weaker loonie and a stronger greenback, the USD/CAD pair reached its highest level in a year at 1.3290. As of writing, the pair was trading at 1.3265, adding 0.5% on the day. Ahead of the critical OPEC summit in Vienna at the end of this week, the barrel of West Texas Intermediate dropped below the $65 mark. Commenting on expectations from the OPEC meeting, Kuwait’s oil minister said that there were no specific scenarios for raising or lowering the production ceiling and added that they will be discussing production levels rather than price. At the moment, the barrel of WTI is losing a little over $1, or 1.6%, on the day at $64.65. In the meantime, the greenback continues to outperform its rivals as the quiet macroeconomic calendar allows investors to price the diverging monetary policies between the Fed and the rest of the major central banks. Nonetheless, the US Dollar Index encountered a resistance just ahead of the 95 mark earlier in the session and has been moving sideways since. Near 94.70, the DXY stays on track to end the day more than 0.3% higher. Technical outlook The RSI indicator on the daily chart stays above the 70 mark, suggesting that the pair may need to make a technical correction before extending higher. On the upside, resistances could be seen at 1.3290 (daily high), 1.3340 (Jun. 21, 2017, high) and 1.3400 (psychological level). On the downside, supports align at 1.3200 (daily low/psychological level), 1.3115 (Jun. 15 low) and 1.3020 (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 Litecoin Technical Analysis: LTC/USD drops producing bearish rejection candle in a touted sell zone, bears enjoy the selling below $100 mark FX Street 5 years Crude oil prices fall ahead of OPEC meeting. Commodity-sensitive loonie struggles to find demand. US Dollar Index goes into consolidation below 95. Earlier today, boosted by a combination of a weaker loonie and a stronger greenback, the USD/CAD pair reached its highest level in a year at 1.3290. As of writing, the pair was trading at 1.3265, adding 0.5% on the day. Ahead of the critical OPEC summit in Vienna at the end of this week, the barrel of West Texas Intermediate dropped below the $65 mark. Commenting on expectations from the OPEC meeting, Kuwait's oil minister said that there… 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.