Loonie holds despite oil prices recovery

Economies.com
2020-05-12 16:25PM UTC

The Canadian dollar held against most majors on Tuesday despite the recovery in oil prices.

 

Reuters quoted sources today that OPEC and independent producers are considering keeping the size of the current output cut after June.

 

The OPEC-Plus coalition started in 1st of May implementing a global production cut by 9.7 million barrels per day, and will continue until June.

 

However according to the latest news, the OPEC-Plus collation, including Russia, the US, Canada, and Norway, are hinting on keeping the agreement until April 2022.

 

OPEC cut output to balance the oil market and the falling prices after the impact of the coronavirus on the global demand.

 

As of 16:24 GMT, CAD/USD held at 0.7135, after the pair hit a high of 0.7161 and a low of 0.7016.

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