Morning Commentary & Currency Insights – November 21, 2018

USDCAD 1.3318 high in North America remained intact in Asia and we have traded lower all morning.  Support is at 1.3260 intra-day with resistance at 1.3333 or the .75 cent level in CAD$ which will likely hedging beacon for many domestic corps. Yesterday the combination of BoC’s Wilkins comments, free falling equities and lower oil was too much for CAD and it had to give way. Thin markets ahead of key data Friday where retail sales could weigh on the CAD and a short term blip higher in CPI to be short lived on the back of the oil plunge. For the rest of the week 1.3200 base and 1.3386 high for the year should contain price action.