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A slower start to the week - major currencies gapped lower at the open but then mostly recovered. Canadian dollar retraced 50 pips of the last week's 260-pip rally. Technicals, trade concerns and falling oil prices should keep USD/CAD supported ahead of OPEC meetings and CPI / Retail Sales combo at the end of the week.
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Canadian dollar a mover today
Loonie was one of the movers in a relatively subdued day. Some progress with NAFTA talks was reportedly used as an excuse to sell USD/CAD down to 1.275 after the pair rejected prices above the strong resistance at 1.2825 in the European morning. OPEC meetings tomorrow are worth keeping an eye one.