Slow start to the week

The economic calendar is light to start the week. The Chicago Fed national activity index is due at the bottom of the hour and expected to improved to 0.10 in April from 0.08 in March. This indicator is low-tier but it's sometimes confused with the Chicago PMI, which is more of a market mover.

The US calendar then goes quiet until 1400 GMT (10 am ET) when the Fed's Harker speaks, followed 30 minutes later by Kashkari. Both have spoken plenty recently so headline risk is low. One thing to watch for would be some kind of admission from Harker that US data has been weak; that would be an early sign of a potential pause and could hurt USD.

A big risk today is for illiquidity in the loonie. It's a holiday as Canadians (for some reason) celebrate the reign of Queen Victoria.