USD/CAD up a quarter-cent on the day
The pipeline announcement hasn't had any significant or lasting impact on the Canadian dollar. It's a positive sign for investment, tentatively, but the market will want to see something happen before boosting the loonie.
The major drivers for the Canadian dollar at the moment are oil, which is down $1.07 to $66.82 today and the Bank of Canada decision tomorrow.
Technically, a nice uptrend is underway since February and not much is standing in the way of a rise to the March highs above 1.31. A dovish BOC would certainly tip the scales. Right now the market is pricing in a 17% chance of a hike but the July 11 meeting is at 55% and signals on it will be closely watched.
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