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USD/CAD added 20 pips or so...........>
DOLLAR-CANADA: USD/CAD added 20 pips or so overnight and last trades at
C$1.3177.
- The pair slipped a touch lower in early Asia-Pac dealing as CAD garnered some
minimal strength after BBG reported comments from Mexican EconMin Guajardo who
stated that USMCA is to be signed on Nov. 30. However, although reaction was
muted after yesterday's move higher in USD/CAD on the back of a RTRS source
story claiming Canada is at odds with U.S. re: changes to the text of the trade
deal.
- The rate later bounced & climbed to session highs at C$1.3183 as BBG reported
that the Keystone XL pipeline project has been blocked by a U.S. federal judge
with TransCanada needing to wait for further environmental review.
- Bulls look for a breach of yesterday's/today's highs of C$1.3183, which would
open up the psychologically significant $1.3200 level. On the downside, initial
focus falls on 61.8% fibo/Nov 7 high at C$1.3156/59. A break below would allow
bears to target yesterday's low/21-DMA at C$1.3088.
To read the full story
Sign up now for free trial access to this content.
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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.