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USD/CAD Canadian Dollar Lower as OPEC Deal Questioned
The Canadian dollar depreciated on Thursday erasing the gains from a day earlier when the Organization of the Petroleum Exporting Countries (OPEC) announced an oil output cut surprising the market who was expecting a freeze. Doubts about the details of the agreement are keeping the price of oil from rising higher and have put pressure on the CAD that awaits Friday’s Canadian GDP figures for the month of July. Comments all week from U.S. Federal Reserve members have made an interest rate hike this year very likely. Fed Presidents Loretta Mester and Dennis Lockhart both made comments supporting an interest rate, with ... (full story)