Early gains in oil quickly reversed
The Canadian dollar is in focus this week with the Bank of Canada meeting tomorrow.
USD/CAD fell as far as 1.3200 but bids were lined up there to halt the decline. At the same time, oil prices began to reverse a rise to $45.94 and have sunk to $44.65.
I expect Canadian dollar trading to be very tepid ahead of the BOC. A outright cut is a longshot but a signal about a cut before year-end is definitely on the table.
