Loonie Plunges Most In A Month Ahead Of Crude Open

As markets flutter to life following the Doha disappointment, it is clear some turmoiling is to come. Canadian Dollar is down over 1% against the US Dollar – the biggest drop in 4 weeks – erasing all of last week’s gains. Ahead of this evening’s crude futures open, CAD implies a sub-$39 open for WTI…

Still, some participants are spinning away…

• *NOVAK: RUSSIA THINKS “DOOR NOT CLOSED” TO AGREEMENT
• *SOME COUNTRIES CHANGED POSITION RIGHT BEFORE MEETING: NOVAK
• *NOVAK: SAUDI ARABIA AMONG NATIONS DEMANDING ALL OPEC JOIN DEAL

So no deal is still a big deal? Markets are not buying that for now… but then again we would fully expect some central bank buying here to ensure the narrative remains positive.