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(M2)‌‌ Holding On To This Week’s Gains


Late June Futures Roll Update

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USD/CAD last deals virtually unch.....>

DOLLAR-CANADA: USD/CAD last deals virtually unch. at ~C$1.3035.
- NAFTA matters remain front and centre for the pair. On Friday CBC sources
noted that "the U.S. and Mexico may be pushing for an October deadline for a
NAFTA deal, but external political pressure is not a good enough reason, for
Canada to be forced into a fast finish."
- Canadian Foreign Minister Freeland met with the head of the Canadian Dairy
lobby on Friday.
- Reports over the weekend noted that there are no talks scheduled between
Freeland & U.S. TR Lighthizer on Monday. As a reminder last week saw Freeland
stress that more work needs to be done before the two diplomats meet again.
- Last week's hold above C$1.30 keeps the near-term technical outlook neutral
with bears targeting the 200-DMA and channel base support (C$1.2863/46). 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.
- The Canadian docket is rear loaded this week, with CPI & retail sales due
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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