FX Action: USD-CAD has steadied
FX Action: USD-CAD has steadied after rallying strongly during yesterday's 5%-plus oil price rout, which drove underperformance in the Canadian Dollar. The pair has retreated back under 1.3300 after leaving a five-month high at 1.3318 yesterday. Analysts advise trend following. Support comes in at 1.3236-40. The Canadian calendar brings the release of September wholesale shipments today, which is not normally a market mover. Analysts expect to 0.3% rise after the 0.1% contraction in August. Canada's Federal Government will also release its annual fall economic and fiscal update. CPI and retail sales data are due on Friday. Analysts project CPI to hold steady at 0.0% m/m in October, which should leave the annual growth rate at 2.1% y/y, down from 2.2% in September. Analysts forecast core CPI at 2% y/y. Analysts see retail sales rising 0.1% m/m in September after slipping 0.1% in August.