FX Update- USD/CAD
USD/CAD rallied to highs of the week in London, peaking near 1.0670 before easing back modestly. Offers are said to be in place from 1.0680 to 1.0700, with the usual corporate suspects seen with interest, while on the downside, support is set to kick in around 1.0630. Softer commodity prices have hurt the loonie slightly, though oil and gold have moved up from overnight lows. The Canadian economic calendar has June wholesale data due at 8:30 EDT, though unless the numbers are shockingly weak, this release is unlikely to move the CAD much. Instead, U.S. housing and PPI releases will take the spotlight, at least early on in the session.