The Canadian dollar retreated on Thursday as oil prices dived before Organization of the Petroleum Exporting Countries’ meeting on Friday.
US crude prices fell 2.78% at $57.98, while Brent crude slipped 2.63% to $62.12.
Spectators expect OPEC to retain its production target of 30 million barrels a day, amidst calls to reduce supplies to support prices.
The loonie stood at 79.97 US cents from Wednesday’s 80.30 US cents.
We have minimal expectations for any change on OPEC, “but it doesn’t mean the rhetoric from OPEC won’t create waves in oil and by extension, the Canadian dollar,” said Adam Button, Currency Analyst at ForexLive.
The material has been provided by InstaForex Company – www.instaforex.com