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USD/CAD Canadian Dollar Lower After OPEC Deal in Doubt
The Canadian dollar depreciated on Wednesday despite a lower than expected U.S. crude inventories number. Oil stocks in the U.S. dropped by 600,000 barrels last week which was below the forecasted 700,000 buildup that was expected. The price of oil started a downward trend in the Asian session once the API inventory data showed a 4.8 million barrels increase, but crude quickly recovered with the release of the The U.S. Energy Information Administration (EIA) report only to give back gains once Organization of the Petroleum Exporting Countries (OPEC) deal anxiety took hold of traders. With a month to go before the ... (full story)