FX Action: USD-CAD is down for a second day
FX Action: USD-CAD is down for a second day, posting a three-week low at 1.2947 so far. The move has been driven by broad weakness in the U.S. dollar, with the Canadian buck trading mixed versus other currencies, including posting modest losses against the Euro and Australian Dollar. Focus today will be on the resumption of NAFTA trade talks between the chief negotiators for Canada Freeland and Lighthizer in the U.S. Thursday is currently seen as the latest deadline to get a handshake deal. These "deadlines" have come and gone before, though any news of a long-awaited handshake would like sharp a sharp drop in USD-CAD. Canadian August CPI data is up on Friday, where analysts project to come in at 2.9% y/y from 3.0% y/y in July. USD-CAD has resistance at 1.2979-80.