FX Action: USD-CAD lifted to an 11-day high
FX Action: USD-CAD lifted to an 11-day high at 1.3396 in a move was concomitant with a further correction in oil prices, which have ebbed to one-week lows. The recent rise in U.S. Treasury yields had been offsetting the Canadian-Dollar-bullish lead of rallying oil prices, which have vaulted to a series of fresh five-month highs in recent weeks. The Canadian calendar shifts into high gear this week after rolling along at a sedate pace last week. There are a variety of top tier reports this week, including March CPI data tomorrow. Analysts expect to pop 0.7% (m/m, nsa) in March, driven by a 12% run-up in gasoline prices. CPI is seen running at a 1.9% y/y pace in March from 1.5% in February. USD-CAD has support at 1.3298-1.3300.