The Canadian dollar continues its ascendency against the USD reaching levels last seen in late September. Despite annualized GDP figures significantly missing estimates yesterday alongside a fall in average weekly earnings, the loonie rallied. The upside support was largely due to OPEC+ announcing deeper voluntary cuts extending through to the end of the first quarter of 2024. Although this underwhelmed crude oil markets, the surplus forecast for 2024 will likely be reduced by this decision that could buoy Canadian crude oil prices and aid the local currency.
