USD/CAD advanced ~50 pips overnight...>

DOLLAR-CANADA: USD/CAD advanced ~50 pips overnight and last trades at C$1.3405,

at highs heading into European trade. CAD was pressured by broader risk aversion

overnight after the Bank of Canada delivered a dovish hold yesterday. 

- Bulls need a break above the upper Bollinger band (3%) at C$1.3430 before

challenging the 23.6% fibo retracement of the move from C$0.9633 to C$1.4690 at

C$1.3497. Conversely, bears eye Asia-Pac lows of C$1.3355 before targeting the

38.2% fibo retracement of the move from C$1.3160 to C$1.3404 at C$1.3311. 

- Canadian trade balance is due later today, while labour mkt report comes out

on Friday. Elsewhere, BoC Gov Poloz is due to speak today. 

- As a reminder, OPEC is to meet in Vienna today. The latest reports suggest

that the majority of the OPEC+ nations are on-board regarding an output cut

(even the currently excluded Libya & Nigeria), although Iran refuses to

co-operate while it remains under U.S. sanctions. That being said, underlying

tension in the group remains, with no clear baseline or quota outline noted as

of yet. Reports have pointed to a late-night meeting between OPEC members on

Wednesday to come to a workable agreement.