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Howard Leaman                                                     Jan 22/20

     Canola traded on both sides of unchanged again on Wednesday, but for
the most part was stronger and ended higher. The market was supported by
weakness in the Canadian dollar and spillover buying from soy oil, palm oil
and to a lesser extent European rapeseed. European rapeseed ended mixed
with the two nearby contracts lower, but other positions higher. The
Canadian dollar lost almost half of a cent against the U.S. dollar on
Wednesday following the Bank of Canada's decision to leave its interest
rates unchanged. More importantly, the Bank opened the door to future rate
cuts sighting expectations of a slowdown in the economy that started last
fall. 
     The buying in canola was curbed by an apparent reluctancy to break
prices out of their consolidation pattern on the price charts. Weakness in
soybeans and meal also limited the buying in canola. 

                                   Resistance     Support
              Mch Canola           483.10         474.10
              May Canola           491.60         483.20

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