CAD gains against USD and oil surges as OPEC makes further production cuts
- FX Market
- 8 months ago
The CAD gained strength against the USD adding to this year’s gains as oil prices rose and risk appetite has been elevated by the potential decrease in tensions between the U.S.-China trade talks.
CAD was trading 0.5% higher at 1.3236 to the greenback, or 75.55 U.S. cents with the currency traded in a range of 1.3233 to 1.3312.
Wall Street rallied as investors were heartened by a tentative congressional spending deal to avoid another U.S. government shutdown and after U.S. President Donald Trump said he could let slide the March 1 deadline for a trade agreement with China.
Meanwhile U.S. crude oil futures settled 1.3% higher, as Saudi Arabia announced it plans to slash the March output figures by more than half a million barrels per day.
Source: Smart Trend Team