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(M2) Corrective Bounce Extends

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USD/CAD lacked direction overnight,...>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD lacked direction overnight, oscillating either side of
C$1.3000, last dealing at session lows ~C$1.2990.
- Canadian PM Trudeau took to the wires late Thursday, stressing that the latest
NAFTA deal on offer isn't what is best for Canada, with Chapter 19 issues
seemingly remaining the major sticking point as the U.S. & Mexico have stressed
that they could progress in a bilateral agreement excluding Canada.
- From a technical perspective bears have the upper hand following recent
declines with the 200-DMA and channel base support (C$1.2862/46) coming squarely
into focus. Below here would suggest a large topping pattern is unfolding. Bulls
need to recover the 50-DMA (C$1.3081) to return the focus to the upside and keep
the bigger picture positive trend intact.
- Canadian CPI, retail sales & ADP employment headline the CA docket next week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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