FX Update- USD/CAD
USD/CAD clawed back its early losses, and has been steady between 1.0620 and 1.0640 since mid-morning. The decline in oil prices did the loonie no favors, though in the big picture, commodity moves have not been as highly correlated to the CAD as they were a few months ago. For now, USD/CAD appears to be finding sellers on upticks, and has generally posted a pattern of lower highs over the past two-weeks. From here, activity is liable to slow into Thursday’s release of July CPI.