CAD and NOK vigilant on Doha – Danske Bank

Chief Analyst at Danske Bank Jens Sorensen have assessed the prospects for CAD and NOK in light of the Doha meeting on Sunday.

Key Quotes

“While lower global tail risks and a weaker USD have been important for lifting the oil price over the past month, we believe a build-up in expectations for Sunday’s meeting has been the primary driver for last week’s oil price rise”.

“As we remain less optimistic on the outlook for an OPEC deal that has meaningful supply implications, we think the oil price could drop a couple of USD/bl, returning the pressure on oil-currencies”.

“According to our short-term financial models the correction potential for oil currencies seems the largest for the CAD and the NOK”.