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Howard Leaman                                                     Dec 07/18

     Canola traded on both sides of unchanged again on Friday, ending
mixed. The nearby contracts ended lower, but new crop positions, starting
with the November 2019 contract, were settled higher. The market opened on
a steady to higher note as it followed through on Thursday's gains - but a
surge in the Canadian dollar turned canola lower. The dollar gained nearly
three-quarters of a cent against the U.S. dollar on Friday mainly in
response to Stats Can and U.S. labour figures. Stats Can reported that the
Canadian economy had added 94,100 jobs in November, dropping the
unemployment rate to a record low 5.6%. Economists were looking for an
increase of only 11,000 new jobs. Meanwhile, the U.S. labour report showed
disappointing wage and job figures.
     The selling in canola was curbed by spillover buying from soybeans,
soy oil, palm oil and European rapeseed. In addition, the Canadian dollar
backed off from its initial strong response to the labour news, as it
traded up "only" half of a cent later in the day. 

                                   Resistance     Support
               Mch Canola          499.40         488.50
               May Canola          506.30         496.10

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