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DOLLAR-CANADA: USD/CAD breached Wednesday's high overnight, trading around highs
of C$1.3049 last, on the back of widely reported comments from U.S. President
Trump, noting that he rejected a one-on-one meeting with Canadian PM Trudeau, as
he is very unhappy with Canadian negotiations, while he believes that Canada has
treated the "U.S. very badly in trade." Trudeau's office pushed back against the
reports, stating that no such request was made and that it will make no further
comments on the matter.
- The latest leg lower in EUR/USD has added some broader USD demand.
- These comments come after reports that the U.S. is ready to publish the text
of a NAFTA agreement with Mexico on Friday, with scope for Canada to join the
agreement later on (this of course needs the approval of congress).
- Bulls look for a break of the nearby 50-DMA (C$1.3051) to open up a move to a
retracement level at C$1.3101.
- Highlights of the Canadian docket include an address from BoC Gov. Poloz (late
Thursday) & Jul GDP data (Friday).