The aussie and kiwi are sitting at the bottom of the pile
Meanwhile, the Japanese yen leads the charge as stocks and risk sentiment is weighed lower after weak Chinese trade data suggests that the trade war and global economic slowdown is taking its toll on the world's second largest economy.
That said, the aussie and kiwi are weighed lower as we begin the session as a profound slowdown in imports in the Chinese data also suggests that domestic demand isn't as strong as before and that will weigh on Australian and New Zealand economic sentiment too as they both have strong trade ties with China.
As risk assets are also battered, oil is no exception and is down by 1.2% on the day currently. The weaker oil is putting a bit of a drag in the loonie to begin the session. Other major currencies remain relatively range-bound for the most part.
The pound will come more into focus over the next two days with the meaningful vote in parliament on May's Brexit deal set to take place tomorrow. The prominent headline as we begin the week is that an extension to Article 50 looks to be on the cards now as May is seen suffering a defeat tomorrow.
Barring an immediate call of a election contest by the Labour party, the near-term outlook for the pound looks brighter even as May is expected to lose tomorrow's vote. Talks of an extension to Article 50 will mean that a no-deal outcome is pushed further aside for the time being and that should provide some relief for the quid.
