Canada and the United States return from holidays
The Canadian dollar underperformed its commodity cousins yesterday despite a climb in oil prices so I'm inclined to believe there could be some payback today, which would weigh on USD/CAD.
At the bottom of the hour we get Canadian and US manufacturing data. From the US, it's the Empire Fed, which is expected at -10.5. The Canadian manufacturing sales report for December is also due and it's forecast to rise 0.5%. Normally, it's a low tier indicator but because of the soft Canadian dollar and the strong trade balance data, there is suddenly a curious eye on all Canadian factory data.
