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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBiden Will Reportedly Cancel Keystone XL Permit
USD/CAD makes session highs after reports that US President Elect Biden plans to cancel Keystone XL pipeline as one of his first acts in office.
- Biden campaigned on a platform that included addressing climate change. Activist groups on the issue have said a project allowing for new expansion of the oilsands is inconsistent with a 2050 net-zero emissions trajectory for North America.
- Withdrawal of the presidential permit is likely to put some tensions on the relationship between the US and Canada.
- USD/CAD last up 34 pips at 1.2766, just shy of session highs at 1.2774. Having broken outside of Friday's range bulls not look for a break of 1.2791 the Jan 12 high, the psychological 1.28 handle and the 2021 high at 1.2835. On the downside support is seen at the 1.27 handle which provided significant resistance in early January, and the 2021 low at 1.2625.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.