USD/CAD is likely to look to broader moves in the USD – RBC CM

Sue Trinh, Senior Currency Strategist at RBC Capital Markets, notes that there are no data releases scheduled in Canada today in a week that is bereft of important economic data and as a result USD/CAD is likely to look to broader moves in the USD and US rates for directional bias in this regard.

Key Quotes

“The market will also remain vigilant for any statements from President Trump on trade policy. Any mention of protectionist policies will continue to weigh as a negative factor for CAD, as witnessed yesterday when CAD sold off initially on a Dow Jones headline discussing a possible border tax. Last week’s high at 1.3388 will have to be cleared in order to generate new bullish momentum, with 1.3189 serving as support.”