USD/CAD down 50 pips to 1.3080
The Canadian dollar is the top performer today as risk sentiment improves. US equity markets are poised to erase yesterday's 11 point drop at the open and the lira has rebounded to 6.50.
The Canadian dollar is also getting a lift from oil. WTI crude is up $1.12 to $68.32 ahead of the API data late in the day.
Later today Canadian finance minister Morneau is set to make some announcements on steel. At this point it's only consultations but Canada fears a wave of dumping from foreign companies that can't sell to the US because of tariffs.
On the chart, today's move is a continued retracement from last week's rally but it still has some ways to go. Friday's lows in the 1.3040/45 range are a target to watch but keep an eye on equities, oil and NAFTA headlines.
