USD/CAD - Economic Calendar Bare Till Thursday

The Canadian economic calendar remains light until Thursday when traders will mull over Trade Balance figures for August. Trade Balance will lead into Friday's anticipated Employment Change and Unemployment Rate where consensus are for 12,000 and 6.2% respectively. The Canadian dollar is positioned to trade in the broader market sentiment today. WTI Crude Oil still trades above $50.00 U.S. per barrel even after slipping 0.57%. A point of interest is Saudi Arabian King Salman will visit Russian President Vladimir Putin in Moscow. The reason for the tour is that the Organization of the Petroleum Exporting Countries' (OPEC) largest producer is looking to make unprecedented acquisitions in the oil and gas federation.

The U.S. dollar remained elevated this morning against its G10 counterparts. Economic data today is light, but the dollar continues to rise as yesterday's economic data supported an interest rate hike from the Federal Reserve before year end. Federal Open Market Committee member Jerome Powell speaks this morning. U.S. equities reached record highs yesterday after positive economic data and global markets joined in on the rally overnight. U.S. equity futures are pointing to a positive open. Greenback event risk will be tomorrow when ADP Employment Change is reported at 8:15 a.m. with expectations for 183,000 in October, as previous month was 237,000.

Experts expect a range today of $1.2465 to $1.2568

No major event risk in Europe today leaving the euro to trade on broader sentiments. Producer Price Index, a second-tier data, did release better than expected this morning. European Central President Mario Draghi will take the stage tomorrow, and a series of Purchasing Managers Index results will release tomorrow. The highlight of the week will come on Thursday when ECB releases its minutes. The euro is currently trading at $1.6582.

Observers expect a range today of $1.4656 to $1.4755

U.K. Construction PMI in September fell short of expectation at 51.1 and printed at 48.1. Services PMI is on deck tomorrow and investors will be looking forward to Prime Minister Theresa May’s speech as well. OIS are pricing in an 85% chance of a rate hike by the Bank of England by the end of the year. The sterling is currently trading at $1.4717.

Traders expect a range today of $1.6545 to $1.6649

The Reserve Bank of Australia held target rate unchanged at 1.50% as widely expected by the market. In the accompanying statement, RBA Governor Philip Lowe maintained a neutral tone and offered little clues over the possibilities of a rate hike in 2018. However, the central bank governor did warn that the stronger Australian dollar would drag down the economy and inflation. The Aussie continues to trade soft as the downward trend remains intact.

Oil (WTI): $50.32 U.S. per barrel

Gold: $1,271.05 U.S. per ounce

Silver: $16.61 U.S. per ounce

Copper: $2.965 U.S. per tonne

Dollar Index: 93.58

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