USD/CAD sliding after Macklem’s comments and on broad US dollar weakness. The fall below yesterday’s low opens up a move toward 0.9810.

The risk is the Ivey PMI at 0200 GMT (10 a.m. ET) and US factory orders. Ivey expectations are 59.0 but it’s a extremely volatile indicator. In general, fading any big move on Ivey is a trade that works.

Last week’s durable goods data was a major miss so the risk of revisions is high when they are released alongside factory orders.