The upcoming G20 summit and the anticipated US/China meeting to discuss trade is overshadowing the market this week. US$ strengthened slightly from the positive trade rhetoric out of the US, but generally markets remain confined in tight trading bands.
C$ continued to steadily strengthen yesterday testing new 4 month US$ lows. The rally in oil prices has been the primary force behind C$ move. Going into the G20, any negative comments could easily see a rebound back to the US$ highs in June. Bias is to look to take advantage of current levels and buy US$.
Eur remains trapped in a tight trading band. The markets have been the quietest since 2014 which may mean the quiet before the storm. All focus is on the upcoming US/China meeting and outcome of possible trade discussions.
Safe-haven currencies had the largest sell off vs US$ overnight and GBP continues to hold within recent trading ranges.