FX Action: USD-CAD is in its sixth consecutive session of decline
FX Action: USD-CAD is in its sixth consecutive session of decline, which has been concomitant with a series of higher rebound highs in oil prices. The pair printed a five-week low at 1.3226. USD-CAD's early December low at 1.3160 provides a downside waypoint. BoC policymakers meet on policy today, where analysts expect no change to the current 1.75% setting for the policy interest rate amid a slowing economy, moderating inflation pressures and the hefty downside risk posed by weak oil prices to real sector growth. The central bank will also publish its Monetary Policy Report, which will contain a detailed account of their growth and inflation projections. The Business Outlook Survey suggests the growth outlook may be a bit less upbeat due to an expected drag from oil producers and related industries in the prairies.