Oil is up by more than 5% today
With Saudi already talking up production cuts ahead of the meeting, it basically means that Russia will be on board such a proposal as well.
From a technical perspective, the bounce comes after sellers failed to find a daily break below the $50 psychological level with the 76.4 retracement level @ $50.27 helping to provide daily support as well. A break back above $55 will be a good signal for buyers to stop the rout seen since mid-October. Then again, this is highly dependent on what OPEC+ members decide later this week.
The jump in oil is what is helping to keep the loonie underpinned still with USD/CAD at session lows of 1.3207 currently.