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FX Action: USD-CAD has lifted back above 1.3400

FX Action: USD-CAD has lifted back above 1.3400 concomitantly with the oil price rally having come to a pause. The pair logged a three-week low at 1.3356 yesterday, which was seen as the Loonie rallied amid the 10%-odd surge in oil prices. Higher crude prices would, if sustained, be a boon to Canada's terms of trade. Market focus will now be on the implementation of OPEC's agreed output cut. If higher crude prices do sustain, analysts see potential for USD-CAD to mean-revert toward its 200-day moving average at 1.3066. Analysts don't expect losses to develop into a fully fledged bear trend, however, as the U.S. dollar will be buoyed by Fed tightening and Trump's course for big scale fiscal expansion. Initial USD-CAD support is at 1.3369 (the present situation of the 50-day moving average).


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