Loonie catching up; Pound hits 5-month high

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CAD had been a laggard compared to the other commodity currencies, but this month has seen it outperform the Kiwi, and it now has the Aussie in its sights. The move higher in Oil is supportive although Crude has failed to push above the 200-day MA.

Having broken the June low at 1.3315, USD/CAD consolidation below here should mean an attack on support in the mid 1.32 zone. If, or when this is pierced, there is not much standing in the way to the low from the start of the year at 1.2951. All eyes will be on the all-important jobs data Stateside tomorrow.

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