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USD/CAD Moves Higher on Korean Tensions; Oil is Up
Published May 2, 2017
USD/CAD continues to move near the psychologically important 1.3700 resistance level; tensions in North Korea are prompting investors to move towards safe-haven currencies and away from commodity currencies
US President Donald Trump stirred markets after he commented that he would be open to meeting with North Korea’s Kim Kong Un
Oil prices moved higher on reports that OPEC oil output fell for a fourth straight month in April; Saudi Arabia cut production below their assigned target while disruptions in Libya and Nigeria also slowed down global output
Data to be released on US vehicle sales later this afternoon; vehicle sales serve as a marker for US consumer buying sentiment
Investors look towards the May FOMC meeting tomorrow; the Federal Reserve is likely to hold rates at 0.75%-1.00%