Bloomberg confirming Nexen decision

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Canada said to approve $15.1B takeover.

Globe & Mail also reporting it’s a done deal.

Official statement at the top of the hour will be the final confirmation.

This is the medium-term CAD catalyst. Expect USD/CAD to sink for a period on this.

Author: Adam Button

Adam Button is the managing editor of ForexLiveā„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

2 Comments

  1. Hi Adam:
    With them saying ‘exceptional basis’, do you still see CAD rallying next week? how far in your opinion would USDCAD and AUDCAD move?
    Cheers and have an awesome weekend

  2. Hi Neil, the government closed the door on future SOE investment so it’s not as great for CAD as it could have been but it removes significant uncertainty. Tough to guess where we’ll be next week with the fiscal cliff as a constant threat but once that’s sorted out (and it will be) expect USD/CAD down to 0.9600

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