The Georgian parliament has officially dropped the controversial 'foreign agents' bill following mass protests. The news that the legislature would not proceed with the bill was widely speculated on 9 March, but has now been officially set aside in parliament. Despite the dropping of the bill and the release of protesters arrested on 8/9 March, demonstrations against the gov't of PM Irakli Garabashvili continue in the capital Tbilisi.
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USDCAD remains above its recent low of 1.3262 on Feb 2. A bearish trend condition remains intact despite the recent climb and short-term gains are most likely a correction. A resumption of weakness and a break of 1.3262, the Feb 2 low, would strengthen bearish conditions and signal scope for a move towards 1.3226, the Nov 13 low and the bear trigger. On the upside, the pair needs to clear 1.3521, the Jan 19 high, to signal a reversal.