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USD/CAD last trades at ~C$1.2995,.....>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD last trades at ~C$1.2995, after sticking to a tight range
overnight.
- Despite starting Monday's session poorly, CAD rallied hard on the release of
the Bank of Canada's strong business outlook survey, with many firms mentioning
capacity constraints and a near record level of labour shortages (it is worth
noting that survey was conducted ahead of the USMCA ratification), which allowed
USD/CAD to register a low of C$1.2955.
- On the technical front, USD/CAD operates below its 50-DMA & C$1.3000, which
has allowed bears to target the October 10 low (C$1.2927). Bulls need to regain
the 50-DMA (C$1.3017), before focus can return higher.
- CA releases of note this week include CPI & retail sales, due Friday.
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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