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Canadian dollar weaker on lower equities

By Dragon Tehrani | Sep 17, 2020

North American equities are lower, led by tech stocks that have had large runups recently, markets are taking a breather waiting to if the U.S. government comes out with further stimulus plans. Oil prices moved in the opposite direction as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further. The panel pressed laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction in May-July, while extending the compensation period from September to the end of December, according to three OPEC+ sources.

The Canadian dollar has broken through its simple 30day moving average of 1.3179, look for 1.3250 in the near term.

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