Airline Loyalty Programs Face New Uncertainty as Visa–Mastercard Fee Settlement Evolves 
U.S. Black Friday Online Spending Surges to $8.6 Billion, Boosted by Mobile Shoppers 
U.S. Productivity Growth Widens Lead Over Other Advanced Economies, Says Goldman Sachs 
EUR/USD Smashes 1.1660 as ADP Jobs Massacre Crushes the Dollar 
Bitcoin Defies Gravity Above $93K Despite Missing Retail FOMO – ETF Inflows Return & Whales Accumulate: Buy the Dip to $100K 
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.
