USD/CAD - Loonie Depends on Broad Sentiments

The Canadian economic calendar is light this week, therefore the Canadian dollar will trade on the broader market sentiment. WTI Crude Oil climbed 33 cents to $51.25 U.S. per barrel as the head of the Organization of the Petroleum Exporting Countries said "rapid market re-balancing" in output is underway coupled with a production slump from the U.S. from tropical storms.

JOLTS data this morning for the U.S. is out at 10 a.m. with previous results at 6.17 million and expectations are for the same. The most significant event risk today will be the Federal Open Market Committee Meeting Minutes out at 2 p.m. The U.S. dollar is mixed this morning against its counterparts. The most notable event risk will be U.S. Retail Sales and Consumer Price Index, both out at 8:30 am on Friday.

Market watchers expect a range today of $1.2450 to $1.2544

German fundamentals and Spanish political developments have given a boost to the euro. German Trade Balance, Current Account and both Exports and Imports in August exceeded expectations. Also, the Catalan regional government has stopped short of declaring independence in Spain. In European Central Bank news, members will meet this month to discuss whether they will put an end to the 2.5 years of Quantitative Easing or extend until inflation picks up. The euro is currently trading at 1.4799.

Observers expect a range today of $1.4760 to $1.4852

Mixed fundamentals from the U.K. this morning has kept the sterling relatively flat. Construction Output, Industrial, and Manufacturing Production all printed better than expected while Trade Balance in August fell short of expectation. Prime Minister Theresa May is causing some uneasiness to investors, as she refused to answer how she would vote in a new referendum on Brexit yesterday at a radio show. The GBP is currently trading at $1.6508.

Experts expect a range today of 1.6447 to 1.6551

The Australian dollar is holding onto its recent gains after Australia consumer sentiment increased to 3.6% from the previous report of 2.5%. However, the negative tone in the commodity space, especially in copper is going to stall the Aussie’s upside. Investors will see MI Inflation Expectations and home Loans data tonight at 8:00 pm and 8:30 pm EDT, respectively.

Oil (WTI): $51.07 U.S. per barrel

Gold: $1,289.87 U.S. per ounce

Silver: $17.13 U.S. per ounce

Copper: $3.0832 U.S.

Dollar Index: 93.01

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