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The Loonie has pared its decline in late rade on Thursday and touched 1.3204 vs the greenback following a speech by the Bank of Canada's Beaudry. USD/CAD is currently trading at 1.3196 having travelled between a high of 1.3226 and a low of 1.3195. The bulls have been ebbing and flowing their way tot he upside since the dovish tilt at the Bank of Canada.
In recent trade, the bulls have likely journey about as far as the can before the Loonie starts to look cheap having already completed a significant chunk of the Fibonacci retracement of the Sep downtrend to a golden ratio of 61.8%. The chat from the BoC today came from the deputy governor Paul Beaudry as follows:
The Bank of Canada held interest rates unchanged last week, as widely expected, but clearly signalled that a cut could be coming if domestic economic growth numbers continue to disappoint. This sent the CAD down heavily but on a technical basis, and considering the US dollar looks to be running out of steam, that could be just about it on the bid for funds at this stage. We will have to wait and see how much appetite there is left in the bulls following the Gross domestic Produce data in the US session on Friday.
The pair has fallen on the comments, correcting the highs of the day. There will now be a focus on the Gross Domestic Produce data on Friday. Previewing the data, "TD looks for a flat print on industry-level GDP for November, in line with the market consensus, for the third consecutive month of <0.1% growth," said TD Securities analysts. "With softer manufacturing shipments and energy production, we look for a muted increase in services to provide the main engine of growth. "