 | |  | | USD/CAD: Large M&A Deal Attributed To Loonie"s Surge
New York, June 28.
Talk in the market place is that the surge in CAD overnight had less to do with legging back into CAD/JPY positions abandoned over recent days, and more to do with a $5.5bn M&A deal between Russia"s Norilsk and Canada"s Lionore. A couple of French names have been spied in the market as aggressive sellers, thought to have the order, and according to sources the deal expires tonight at 8.00PM.
Whatever the reason the drop in USD/CAD has got the techies all abuzz with the break of the trend channel bottom, spot has dropped to 1.0615, and tech support is seen at 1.0600. |  |  |  |  |
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