USD/CAD is modestly lower on the day with the US dollar generally softer. The commodity currencies are at the front of the pack on better risk appetite in general. However the loonie is lagging AUD and NZD because of a softening in oil prices.
A BP refinery outage in the US is weighing on crude, which had been $1 higher earlier. The trade in oil has been chopping this week and that has extended to the loonie.
In terms of economic data, prelim Canadian manfacturing sales data was soft today but that wasn't a surprise as it reflected lower oil and metals prices. Indications from US GDP were a bit better -- especially for the consumer -- and that should be felt in the Canadian economy going forward.
Overall, USD/CAD continues to consolidate ahead of a potential run at 1.32 again but it will depend on what the Fed says at Jackson Hole and what happens with the Iran nuclear deal.
