North American investors will look forward to today’s release of the ISM Non-Manufacturing PMI, due at 15:00 BST. It is expected to have risen to 50.0 from 45.4 previously. Unless this turns out to be significantly weaker than expected, then it is likely that risk assets will respond positively to the data and, as it has become a trend, the dollar could paradoxically weaken if it matches or beats expectations.
From a technical point of view, the USD/CAD has been making lower lows and lower highs since risk assets bottomed out in March. In recent weeks, this pair found a base around the 200-day moving average. But last week, the selling resumed as we ended a three-week winning streak:
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