USD/CAD rallying on oil weakness, but 1.40 barrier still intact

Traders are abuzz this morning with the “news” that Saudi Arabia, Russia, Qatar, and Venezuela have agreed to freeze oil output at the January’s levels, ostensibly in an effort to support oil prices. Speaking bluntly, this agreement (which is still conditional, as it depends on other countries supporting the move) is hardly a game-changer from a supply and demand perspective, as those countries were already producing at their maximum levels with no immediate plans to increase production anyway. As one analyst put it, it’s like....