Federal Court blocks Keystone XL pipeline, CAD drops

Reuters is out with the latest headlines, citing that the Federal Court has blocked the Keystone XL pipeline, with the key points found below.

“The Trump administration's justification for approving it last year was incomplete, says the State Department did not properly account for factors such as low oil prices, the cumulative impacts of greenhouse gases from Keystone and the Alberta Clipper pipeline and the risk of oil spills.”

 Keystone pipeline supplies oil from Canada to Texas oil pipeline and is the main pipeline that removes supply bottlenecks on the Canadian oil exporters.

The USD/CAD bounced back towards the 1.32 handle after the Canadian dollar lost ground on the above headlines.