USD/CAD sits at C$1.3116 at writing...>

DOLLAR-CANADA: USD/CAD sits at C$1.3116 at writing after oscillating within a

~100 pip range Weds. 

- CAD has continued to come under pressure on the back of declining oil prices

as WTI hit fresh multi-month lows yet again, with crude pressured by signals

pointing towards a boost in global supply with the FT sources claiming Russia is

planning to increase output & the EIA reporting a larger than exp. build of U.S.

oil inventories. It is worth noting that OPEC+ producers will meet this weekend,

with a discussion of potential 2019 output cuts reportedly in the agenda. 

- The main driving factor on the U.S. side yesterday was fallout from the

mid-term election results, which weighed on USD, but focus now shifts to today's

FOMC MonPol decision. 

- Bulls need to reclaim yesterday's highs at C$1.3159 before challenging the Nov

1/Oct 31 high at C$1.3169/70. Meanwhile bears eye the key C$1.3100 level, as a

break above would open up the 100-DMA at C$1.3072. 

- Canadian focus today falls on mid-level housing mkt data.