FX Action: USD-CAD printed a five-session high
FX Action: USD-CAD printed a five-session high at 1.3093 yesterday, putting in a little distance from the nine-month low seen on Friday at 1.3022. A sharp drop in oil prices yesterday on signs of easing tensions between the U.S. and Iran added some pressure on the Canadian Dollar, while the U.S. buck has been in demand. Analysts still judge USD-CAD to be amid a distinct bear trend that's been unfolding since late May, having declined in five of the last six weeks. Trend resistance comes in at 1.3071-73. The Fed's course to policy easing has been driving the downward bias. As for the BoC, the central bank maintained a neutral bias last week as it delivered the widely expected no change in the 1.75% rate setting. Officials did however emphasize that the trade and geopolitical backdrops are clouding the outlook. Policy remains data driven for the BoC, which will "pay particular attention to developments in the energy sector and the impact of trade conflicts on the prospects for Canadian growth and inflation."