Canadian dollar falls from highs due to lower oil prices

The Canadian dollar fell against its US counterpart on Tuesday, as oil rally ended as a result of profit taking by investors, as the market focused on the meeting of the Bank of Canada this week.
Pair USD/CAD rose by 0.30% to 1.3310. On Monday, the pair reached 1.3235, the lowest level since 21 October.
Oil prices fell on Tuesday to 16-month highs after data showed that the OPEC oil production reached in November another record high.
OPEC last week managed to sign an agreement on the limitation of production, which can reduce the excess of reserves of the world, which was followed by a sharp jump in oil prices, the main part of Canada's exports.
The increase in production before the coming into force in January an agreement to reduce production caused concern that the global excess of reserves can continue in 2017.