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Massacre Monday likely to have claimed a North American victim, the Loonie or Canadian Dollar. With Commodities dropping like stone, along with global equities there seems to be no respite for Canadian dollar.
Bloomberg commodity index is down to 16 year low today, while North American benchmark West Texas Intermediate (WTI) is trading at $39.4/ barrel, down -2.75% today. Canadian benchmark Western Canada Select is trading at further $15/barrel discount.
Recent data pointed to no continued slowdown in China, especially in manufacturing sector. There has been a shift in US imports. Mexico is now posing greater challenge to Canada as preferred manufacturer.
Dollar has broken its key congestion against Loonie. Beginning August it has remained trapped 1.32 on the upside and 1.295 to the downside. Today Loonie has broken above and trading at 1.324 as of now.
Trade idea
- Buy Dollar against loonie, with stop around range floor and target around 1.345 and 1.38.
- A call from FXWirePro is already active with target around 1.29, 1.325 and 1.38. We are still confident enough of reaching the final target going ahead.
