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USD/CAD finally making some progress this morning
I have got to be honest with you and tell you that I was rather perplexed by the drop to below 1.35 in the USD/CAD last week, following the really crummy Q3 GDP data. The latest Canadian jobs report on Friday did provide a better excuse, but not one to rally extend the move and besides we know the BOC is not about to raise rates this week, or at least very unlikely to. That meeting will take place on Wednesday and there will be more coverage on that over the next couple of days. So, the USD/CAD closed in the US on Friday at 1.3497, but it is on the rebound this morning and rightly so in my view. The further fall in oil prices today is a definite reason for the CAD to lose some traction and that might explain the push higher right now in the USD/CAD. The USD/CAD has rebounded from an earlier session low at 1.3480, to 1.3533 as I sign off here
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