FX Action: USD-CAD posted a new six-week low
FX Action: USD-CAD posted a new six-week low yesterday, at 1.3134, and has since remained heavy. The pairing has been downwardly spinning since last Friday's dual U.S. and Canadian jobs reports, with unexpected strength in the latter generating demand for the Canadian currency. The recouperation in risk appetite in global markets over the last week or so, with the U.S. and China headed back to the negotiating table, has been a positive for the Canadian Dollar and other commodity currencies, too. Oil prices are up about 3% from week-ago levels (WTI futures), although dropping by over 1% on news that the hawkish U.S. national security advisor, John Bolton, has been chopped by President Trump. USD-CAD has resistance at 1.3234-35.