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New election might be called if Italy’s political gridlock continues

As the Eurogroup meeting kicks off in Brussels fresh information on the post-electoral turmoil in Italy is hitting the wires. Center-left leader Pier Luigi Bersani imposed an ultimatum on the head of the 5-Star Movement Beppe Grillo, saying that unless he backs a temporary government, a new election would be called.

“He heads a movement that has a third of the Chamber, he needs to decide what he will do or we will all be sent packing, including Grillo,” Bersani said in an interview for the Italian television RAI.

He also said that he rejects both the possibility of building another technocrat government, similar to that of Mario Monti’s, or forming a grand coalition with the center-right People of Freedom party led by Silvio Berlusconi. Italian president Giorgio Napolitano expressed his reluctance towards calling a new election as the constitution does not allow him to dissolve parliament just before his term of office terminates on May 15.

Forex Flash: USD/CAD aims higher with BoC on Wednesday – TD Securities

TD Securities analysts expect a busy week, with employment reports in Canada and the US and central bank meetings (the BoC FAD is Wednesday): “The BoC will keep policy on hold.  We see a small, but not insignificant, risk that the BoC further moderates its language in the wake of the softer economic data trends (growth and inflation) evident through the latter part of last year, however.  US-Canada spread compression continues at the short end of the curve as BoC rate hike risks are slowly erased (the 2-year gap has dropped to 70 bps today, from a 95bps premium for Canadian 2-year bonds in the middle of January)”, wrote analysts Shaun Osborne and Greg Moore. “Still, we think a further moderation in the BoC language would undercut a soft-looking CAD a little more still”, they added.
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Forex: USD/CAD trading positively at 1.0285/91

After peaking at 1.0311 (intraday maximum) during European trading, the USD/CAD has edged lower into the US session. Despite losing its grasp on the 1.0300 level however, the pair has hung onto positive territory and in these moments is trading at 1.0285/91, up +0.13% from its opening.
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