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Bear Flattening In Early Asia Trade




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DOLLAR-CANADA: USD/CAD has shed 21 pips thus far and last deals at C$1.3437, as
crude oil prices have advanced on the back of OPEC+'s pledge to stick to output
cuts through the rest of the year. WTI trades $0.80 higher at typing.
- The rate finished virtually unchanged Friday, despite climbing initially on
the back of broader risk aversion. However, after having a look above C$1.3500
in the London afternoon, USD/CAD declined, with the move lower accelerated by
U.S. Pres Trump's declaration that the U.S. will lift tariffs on Canadian &
Mexican steel & aluminium.
- Earlier today, Trump tweeted that Canada & Mexico have removed tariffs on U.S.
agricultural products.
- Bears look to the lower Bollinger band (2%), located at the psychological
C$1.3400 level, just below the May 16 low. On the topside, focus falls on the
21-DMA at C$1.3448, ahead of the 100-HMA/200-HMA at C$1.3456/58.
- Canadian retail sales come out on Wednesday, while wholesale trade sales will
follow on Thursday.

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