USD/CAD down 70 pips
The Canadian dollar is off to a strong start as Toronto returns from yesterday's holiday. USD/CAD is down 72 pips to 1.2782 and trading at a session low.
The loonie is getting a lift from oil (+1.2%) and other commodities along with positive sentiment in equities.
In data today, Bloomberg's weekly confidence measure ticked up to 55.1 from 54.2 but that data point is rarely a market mover.
The Canadian economic calendar is empty for the remainder of the year so it will be all about flows and positioning into 2020, along with whatever is happening in US politics. Next week's Senate runoff in Georgia could have particular implications for the loonie.
We will keep an eye out for flows into the London fix. Yesterday there was a big bid for US dollars but there's no sign of it now.
