FX Action: USD-CAD has drifted lower
FX Action: USD-CAD has drifted lower over the last couple of days, and analysts expect the bias to remain to the downside for now. Oil prices have jumped higher, which should be support for the Canadian currency. The head of OPEC said that the group is thinking of supply curtailment given concerns about flagging global demand. The geopolitical situation in the Mideast also remains fragile. An explosion on a Iranian oil taker was, according to Tehran, caused by a missile strike. Turkey's incursion into Syria is also a potential destabilizer for the oil-producing region. Canada's September employment report is up today. Analysts expect a rise of 5.0k in the headline jobs number after the unexpectedly robust 81.1k surge in August. The unemployment rate is seen at 5.7%, matching the rate seen in August. In-line data should impact BoC policy, which analysts anticipate will retain a neutral wait-and-stance stance at its policy review on October 30.