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DOLLAR-CANADA: USD/CAD has extended its recent move lower in Asia-Pacific trade,
last ~40 pips softer at C$1.3231, just off of the intraday low at C$1.3228. The
weaker USD/generally risk-on theme drove the latest move lower, as WTI broke
- Bears remain in the driving seat after last week's break below channel
support, and look for consolidation below the nearby cloud top, which would
allow them to target the 100-DMA & Dec 3 low at C$1.3179/60. Bulls need to
recover the 50% retracement level & broken channel base at C$1.3505/07 to change
the outlook in their favour, with nearer term resistance noted at yesterday's
high of C$1.3323.
- Canadian focus falls on today's BoC MonPol decision. BBG's WIRP function
(based on OIS) prices in a ~85% chance of no change (marginal pricing is for a
cut in light of the recent global economic slowdown worry & speculation
surrounding the Fed's monetary policy path), and only one of those surveyed is
looking for a hike from the BoC, while the remainder look for no change. The
meeting will include the Bank's quarterly economic forecasts & press conference.