USD/CAD last C$1.3195, dealing a......>

DOLLAR-CANADA: USD/CAD last C$1.3195, dealing a touch lower in early

Asia-Pacific trade, after advancing >40 pips Friday on the back of broader risk

off flows and reports of the Keystone XL pipeline project being blocked by U.S.

authorities due to environmental concerns. 

- The pair has edged lower after the Saudi Energy Minister announced that the

Kingdom will be curbing exports by ~500k barrels/day in December over the

weekend. At the same time, the weekend summit saw OPEC+ discussing the

possibility of cutting supply in 2019, leaving the possibility of a decision re:

the matter open for the Dec 2018 OPEC+ summit, which has put a bid into crude. 

- This comes as a twist after CAD has come under pressure from a protracted

decline in oil prices in recent weeks, caused by concerns over the global supply

glut. 

- The nearby bearish focus falls on Friday's lows of C$1.3141 and a break below

would open up the Nov 8 low at C$1.3088. On the upside, a break above Friday's

highs of C$1.3233 would allow to challenge the 76.4% fibo at C$1.3244. 

- Canadian docket is very thin this week and includes m'fing sales on Thursday.