USDCAD unchanged, waiting for G20 meetings

USD-CAD has corrected back to around the 1.3250 mark after yesterday printing a five-month high at 1.3359. The driver has been the drop in U.S. Treasury yields after Fed chair Powell affirmed a dovish shift in the policy outlook. This drove the U.S. Dollar broadly lower, offsetting, for now the impact of the 33%-plus decline in oil prices since early October. Significant and sustained declines in oil prices is a negative for the Canadian economy as it dents its terms of trade. The Canadian data calendar brings Q3 current account figures today, and the Q3 GDP report tomorrow. We expect growth to slow 2.0% q/q growth, down from 2.9% in Q2. USD-CAD has support at 1.3215-17.