FX Action: USD-CAD has turned lower
FX Action: USD-CAD has turned lower, back under 1.3000 and posting a two-session low of 1.2977. The near $3 rebound in oil prices has been a bullish lead for the Canadian Dollar, while the U.S. Dollar has sank back a little today against most currencies. The pair has so far remained above the eight-week low that was seen last Friday at 1.2967. Incoming Canadian data should keep the BoC on course for another tightening, while the NAFTA negotiation will remain a focus with the Trump administration likely to want this to be wrapped up ahead of the November midterm elections in the U.S., even while ratcheting up the trade war with China. This backdrop should keep USD-CAD's balance of directional risk tilted to the downside.