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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.