The US dollar gained almost two cents against the Canadian dollar yesterday. CAD gained a bit of ground back overnight but remains weaker than where we have been trading over the past week and a half. Very strong GDP data for Canada yesterday failed to have any impact on the currency and it seems likely that the CAD will remain a slave to the flows and broader market sentiment for a while yet.
There is no data due out of Canada for the remainder of the week, however, there are a few key data releases due out of the US including the always closely watched Non-Farm Payroll numbers due out on Friday morning. Friday's non-farm payroll report is at risk of coming in sharply to the downside.
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