US$ remains quite resilient despite expectations of dovish comments at tomorrow’s FOMC meeting. Today we expect US$ to trade within a narrow band, looking for opportunities to buy US$ on any short term dips.
Canadian dollar stalled overnight despite stronger oil prices which are close to 2019 highs and OPEC production cuts which are expected to continue until the next OPEC meeting in June. The federal budget today could be an opportunity for the Liberals to woe back voters ahead of the upcoming elections. Oil prices may have a short term positive impact on C$, but our bias is that will continue to trade weaker over the coming weeks.
Other news, GBP remains firm despite Brexit concerns and on the back of the strongest jobs data in 3 years with unemployment @ 3.9%, the lowest since 1975. The rest of the markets remain relatively sidelined looking at the FED for direction.