The Loonie is showing narrowed change this morning, trading at the moment at 1.3227, initially getting some stability, but once the retails sales numbers came in the United States, and the existing home sales in Canada (month to month) in October showed -1.6 percent vs. -0.2 percent read, the USD/CAD started to rise slightly (weaker Loonie).
The Loonie got hit momentarily in yesterday's session reaching 1.3264 after politics in the United States interfered with Trump’s new trade deal with Canada and Mexico. Bill Pascrell, who is positioned to chair the Ways and Means Trade subcommittee, said there needs “to be not only changes in the legislation but more enforcement” if the Trump administration wants votes from Democrats. However, early in the morning, the Loonie was trading at a low of 1.3208 along with a bounce in crude.
The technical levels to consider today in the USD/CAD are 1.3175 on the downside and 1.3240 on the upside.