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DOLLAR-CANADA: USD/CAD last C$1.3310, a touch higher on the day, after adding 94
pips and jumping onto the C$1.3300 handle for the first time this month on
Thursday. The move was largely driven by CAD underperformance on the back of a
decline in oil prices, as White House econ adviser Kudlow's cautious remarks
surrounding the trade deal with China, as well as Trump stating that he will not
be meeting Chinese counterpart Xi ahead of the tariff deadline revived worries
re: the trade war and health of the global economy/demand for crude. WTI sunk
well below $53, where it holds at writing.
- Initial resistance is located at C$1.3117, ahead of the 55-DMA/50-DMA at
C$1.3348/55. Meanwhile, bears keep an eye on C$1.3297, which represents the
38.2% fibo retracement of the move from C$1.3665 to C$1.3069. A breach of that
level would draw bearish attention to the 21-DMA at C$1.3245.
- Canadian focus today turns to domestic labour mkt data & housing starts