The Canadian dollar is flat this morning and holding steady around one month highs, with equities opening up and oil up 2%. Barring any surprises, there is nothing on the economic calendar that could materially impact the Loonie today. There are Fed and Bank of Canada speeches scheduled but they are unlikely to generate news. There is ongoing concern in Canada about the strength of the real estate market and whether the recent price gains are sustainable given reduced immigration and economic uncertainty. The real estate market will only matter the Canadian dollar directly if it is seen as impacting the view and approach of the Bank of Canada. For now, FX market participants are keeping an eye on the real estate market. For the rest of this week, there will be a lot of attention on important economic data points coming out of the US that are likely to impact the USD/CAD exchange rate.
