The most important event for today is the release of the business outlook by the Bank of Canada at 17:30 MT time. If it contains some hawkish hints on the current economic outlook by the bank, the Canadian dollar will be supported.
This weekend brought us some bearish news for the oil market, especially for WTI. According to Russia’s Finance Minister Anton Siluanov, Russia may decide to boost production to fight for market share with the United States. Weakening oil prices may pull the Canadian dollar down.
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