Over the weekend, OPEC and non-OPEC countries reached a deal to cut oil production. On top of that, Saudi Arabia showed their commitment by declaring that they will cut more than what they agreed on last week.
Oil prices opened sharply higher, WTI is currently up more than 5% on the day. Loonie gapped down at the open, extending the 450-pip fall since mid November. 2016 trendline near 1.31 is backed by 200 DMA. 1.3150 is the initial resistance.
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