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Keystone bill fails to pass by 1 vote, CAD slightly weaker

FXStreet (Bali) - The Senate vote on the Keystone XL pipeline failed to get the 60 votes needed, resulting on mild weakness in the Canadian Dollar.

The next vote is scheduled for January, once the new Congress is sworn in, with chances much greater for an approval given the increased number of Republicans in the Senate although it remains to be seen if we get a Presidential veto, or Obama decides to give in in exchange of some concessions.

According to Nomura: "It is becoming increasingly likely that the President may use approval of the pipeline as a bargaining tool when negotiating stricter greenhouse gas emission cuts with the Republicans in Congress. This would allow the President to continue to boast about his green accomplishment, while still making claims that he help secure the country‟s energy security. As such we believe that the Keystone XL could be approved over the next year."

Australia Westpac Leading Index (MoM): 0% (October) vs -0.1%

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