The main event on the North American calendar this morning is the Bank of Canada’s quarterly survey at the bottom of the hour.
The index on future sales is expected to improve to +10 from zero. The comments in the text along with the senior loan officer survey tend to move the Canadian dollar. The risks are higher today with the calendar so light until Bernanke’s comments, which are much later.
Recent moves in USD/CAD have been typical. The pair broke the Dec low on Friday only to reverse course and finish higher. The reversal has continued today. The next area of resistance is 0.9880.
