Spotlight on the OPEC meeting
Encouraging economic results in the United States drove stock markets upward on Tuesday. Gross Domestic Product (GDP) was up 3.2% in the third quarter, the best performance over the past two years, while Consumer Confidence for November hit a nine-year high. Despite these readings, the U.S. dollar was unable to gain ground against its main rivals, a sign that it was ready for a break.
This morning, we’ll be keeping an eye on a range of indicators on both sides of the border, including Canadian Q3 GDP. Rising exports should have contributed to bringing GDP back into positive territory after the downturn the previous quarter. Particular attention will be paid to the outcome of the OPEC meeting, expected late this morning. Negotiations since yesterday surrounding the meeting are pointing to the possibility of a deal, which is why WTI oil is up 7% this morning. The short-term fate of the loonie depends on this agreement.
