FX Action: USD-CAD has maintained a consolidation
FX Action: USD-CAD has maintained a consolidation in the mid 1.24s over the last two sessions, in today's BoC policy meeting and announcement. The pair lifted out of an eight-day low that was seen just under 1.2400 after a short-lived dip yesterday. A broader retreat in the U.S. dollar coupled with Loonie-supporting reports of a possible breakthrough in NAFTA negotiations (Axios reported over the weekend that Trump is softening on it), had been weighing on USD-CAD. Focus will remain on the NAFTA negotiations, with uncertainty about this having curtailed the Canadian dollar rallying amid the surge in oil prices and expectations for the BoC to hike interest rates by 25 bp this Wednesday. USD-CAD has support at 1.2397-1.2400, ahead of trend support at 1.2346-47. Resistance is at 1.2457-60.