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DOLLAR-CANADA: USD/CAD last trades at C$1.3272, 13 pips worse off. With no
headline catalysts apparent, the move is likely just a follow-through from
yesterday's sell-off. The rate managed to break under C$1.3277, its 200-DMA.
- This comes after a round of comments from BoC Governor Poloz allowed CAD to
top the G10 pile yesterday. The Governor noted that the current monetary
conditions are "about right" and "quite stimulative," which led to the trimming
of BoC easing bets. Firmer oil prices lent some further support to the loonie
and USD/CAD finished 19 pips lower as a result.
- Yesterday's low of C$1.3270 has been resilient so far, a break here would open
the 23.6% retracement of the Oct 29 - Nov 20 rally at C$1.3251, followed by the
50-DMA/100-DMA at C$1.3216/10. Meanwhile, bulls look for a firm return above the
200-DMA before taking aim at the monthly high of C$1.3328, touched on Weds.
- House Speaker Pelosi and U.S. TR Lighthizer failed to reach agreement on
USMCA, leaving it hanging in the air for now. Elsewhere, a strike of CN Rail
employees has disrupted transportation, incl. that of some key raw materials.
- Canadian retail sales data is due later today.