market is not moving lower in September, after all the talk about historically being bad. Oil is making some gains, but it is very fast do drop 50 cents, and than it takes long time to gain it. Today's data for the Looney is positive, so it gave some prop to the currency (RMPI m/m 2.2% vs. 0.6%), but we don't expect for these gains to hold. Risk aversion is always around the corner, and we understand that USD is not the favorite currency, but in this pair, we expect some gains, because it looks like it is the best to buy USD against CAD. Tomorrow we have Canadian GDP m/m data, and it is expected to be negative (-0.1%, previous month was 0.2%)so should be no real interest for CAD.
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