The Fate For The CAD Lies With OPEC's Meeting
This week a lot of focus will be on Oil markets with the upcoming OPEC+ meeting scheduled for Thursday 9 April. The outcome of this meeting will have short and medium-term repercussions for the CAD.
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Last week saw Oil prices ramp up almost 50% due to hopes that the current price war between Russia and Saudi Arabia might be coming to an end.
With oil prices hitting the lowest levels in almost 2 decades, we saw tremendous pressure in the Canadian Dollar from the start of 2020.
Nations like Canada are very exposed to tumbling oil prices as their sour and lower grade crude trades at a hefty discount compared to WTI, with Canadian Crude prices hitting as low as US$3.82 earlier last week.
This week’s OPEC+ meeting, which has already been re-scheduled to Thursday after a diplomatic row between Russia and Saudi, will have both short and medium-term repercussions for the CAD.
This week ahead video will help you prepare for this week’s upcoming events and provide insights into how you could possibly trade it as well.
Highlights of the video:
00:37 - Baseline context for the currency
02:20 - Baseline expectations for the upcoming risk event
04:57 - Possible sentiment shifts
08:30 - Possible currency pairs to consider
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