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WTI dropped below $58

CAD - Canadian Dollar

USD/CAD is trading slightly lower this morning but looks to have found support ahead of the 1.3100 level. Trade talks between the U.S. and China will restart following the meeting between President Trump and President Xi over the weekend at the G20 in Osaka. WTI dropped below $58 after OPEC’s decision to extend output cut for nine more months, adding pressure on the Loonie against the USD.

Key Movers

The US Dollar index rose sharply on Monday on the back of strong U.S. Manufacturing PMI data. Canadian Manufacturing PMI was inline with forecast, coming in at 49 in June which shows a contraction in the sector. Markets will be paying close attention to Tomorrow’s Trade Balance data as well as Non Manufacturing PMI data from the U.S.

Expected Ranges

USD/CAD: 1.3100 - 1.3150 ▼

CAD/EUR: 0.6733 - 0.6755 ▲

CAD/GBP: 0.6020 to 0.6050 ▲

CAD/AUD: 1.0811 - 1.0936 ▼

CAD/NZD: 1.1400 to 1.1450 ▲