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The CAD has shaken off the negative...>

DOLLAR-CANADA
DOLLAR-CANADA: The CAD has shaken off the negative NAFTA headlines from the
weekend, with the USDCAD trading 10 ticks or so softer at ~1.2775.
- The latest sources reports revealed that the talks to rework trade agreement
are not "advanced enough for the US, Mexico & Canada to announce a deal in
principle at this month's Summit of the Americas."
- Friday saw the release of a strong Canadian labour market report, however the
CAD's strength waned as risk sentiment & crude took a hit.
- From a technical perspective, Friday's low of 1.2734 provides the initial
point of interest, followed by the 38.2% retracement of the 1.2061-1.3125 move
at 1.2719. To the upside hourly resistance comes in at 1.2815/1.2825.
- Later on today the BoC will release its Business Outlook Survey which provides
the major fundamental risk event for the CAD this week.
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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