long USDCAD
Bought USDCAD as US is ready to increase interest rates while Canada faces slow economic growth and high population indebtedness. Interest rates in Canada are not expected to go up until end of 2017. In addition, OPEC agreement to limit oil production most probably will not work. Members have a tendency to cheat as the industry becomes more competitive. OPEC and Russia produce only 50% of global oil supply, and the higher the oil price, the more oil is will be produced by US, Canada and other non-OPEC countries. Price of oil is expected to go down and CAD to weaken.
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