Globe & Mail report
Canada and the US are on the "cusp of a tentative NAFTA deal," according to a Globe & Mail report that cites sources on both sides of the border.
"Nearly all of the substantive work is finished, with a handful of details being ironed out, the sources said. These include the final wording of the deal's text, and the timing of an official announcement, which may not come until early Monday," the report says.
It's still very early in the FX market but USD/CAD is down 55 pips to 1.2853 after falling 135 pips on Friday on strong Canadian GDP.
The way this usually goes is that you get a burst of selling through the open with more on the announcement. Then you get some kind of retracement, then you start to see the real money selling when New York and Toronto come online at 1200 GMT.
