The US$ continues to retreat from its recent highs against most major currencies this week. US data boosted Canada’s export outlook, and firmer oil saw US$ continue lower against C$. Eyes will be on Cad GDP today, a positive number could see US$ fall back towards the lows seen in early April.
Other news, the weaker US$ continues in Europe with the release of positive data. Improving tone in the Brexit talks saw GBP bounce from its lows overnight. Fed meeting today and tomorrow, but we are not expecting any surprises. Longer term we remain US$ positive, looking for opportunities to buy US$ on dips.