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Late on Tuesday Westpac recommended selling...>

FOREX
FOREX: Late on Tuesday Westpac recommended selling EUR/CAD at C$1.5150, with a
target of C$1.4965 and a stop at C$1.5215.
- Westpac write "EUR/CAD has been easing back from C$1.5220 in recent days, a
key resistance level on the charts that has been tested several times this year.
Energy markets are trading solidly, demand concerns taking a back-seat to OPEC
led curbs and Venezuela supply constraints. The Trudeau Govt's latest budget
lacks any meaningful fresh fiscal impulse and broader growth momentum has cooled
but markets may be overdoing it, pricing in an 84% chance of a BoC rate cut by
their Dec 2019 meeting. Eurozone's weak activity and low inflation should be
confirmed in the coming week's final PMI and CPI data. Brexit concerns should
weigh on EUR as UK politicians attempt to find an alternative to May's deal. ECB
officials continue to stress the protracted slowdown and need for further
liquidity via TLTRO III"
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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