OPEC came an agreement on an oil cut of 750k barrels per day, though the cut will only begin in November. Oil moved up sharply when the news was released with USDCAD making a massive drop. We could see the oil price come down before November when the terms and management of the freeze are finalized. This is the first time in 8 years that OPEC have made such an agreement and could be the news that helps commodities strengthen and Yen weaken. It could also help America with their rate hike as now the risk of a crashing oil price is minimized due to a strong Dollar as a result of a rate hike. The timing for this meeting and this agreement could not be better when one considers the risk events taking place in America at the moment.