The reports leading into the OPEC meeting became reality. The cartel and its friends outside the group will extend the oil production deal for another nine months, through March 2018. The conditions remain the same, including the exemptions for trouble-stricken Libya and Nigeria. The price of oil was front-running the meeting. And as in many similar cases, the actual announcement was followed by a setback. This is a classic “buy the rumor, sell the fact”. Exemptions to blame? Or maybe were the extended exemptions for Libya and Nigeria responsible for the drops? The devil may be in the details. Libya is a de-facto defunct country, but oil production is on the rise. Nigeria suffers from an insurgency but also there, things are stabilizing. If both African countries continue ramping up production and continue enjoying the exemptions, their surplus supply could take the sting out of the OPEC cuts. USD/CAD rises from the lows, following oil When the ministers were meeting, WTI almost touched $52, it dropped to $50 and stayed hovered above $51. And when the deal is announced, we have another fall all the way to $49. The Canadian dollar had a busy 24 hours. At first, the Canadian dollar focused on the decision by the Bank of Canada. The BOC saw the glass half full. Optimism about the economy sent the C$ up and USD/CAD down. Yet after hitting low support just above 1.3380, the oil news reverses the trend. USD/CAD is currently battling the old line of 1.3460. Further resistance awaits at 1.3540. Will oil prices drag the loonie down? 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 US GDP Preview: a buy opportunity on EUR/USD? 5 Yohay Elam 6 years The reports leading into the OPEC meeting became reality. The cartel and its friends outside the group will extend the oil production deal for another nine months, through March 2018. The conditions remain the same, including the exemptions for trouble-stricken Libya and Nigeria. The price of oil was front-running the meeting. And as in many similar cases, the actual announcement was followed by a setback. This is a classic "buy the rumor, sell the fact". Exemptions to blame? Or maybe were the extended exemptions for Libya and Nigeria responsible for the drops? The devil may be in the details. Libya… 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.
