USD/CAD down 43 pips to 1.3056
USD/CAD is at the worst levels of the day even as the dollar ticks higher from the lows elsewhere. Expect some month-end flows in this pair today and others.
The pair touched 1.3047 on Friday and is just above that now. It's down for the fifth consecutive day and even a break lower could quickly run into support near 1.30 and stretching to the January low of 1.2957.
The Canadian calendar is light this week until Friday's jobs report so the market will be looking to the broad risk trade and commodity markets. Metals prices are higher today but natural gas is down 5% as LNG plants are shut following Hurricane Laura. Still, it's the best month for natty since 2018.