Daily Commentary & Market Insights, Nov.4, 2019

Good morning,

US commerce secretary Wilbur Ross signaled an optimistic tone regarding the potential to sign a deal with China before the end of this month. Ross’ comments also mentioned the potential to wave tariffs on EU, Japan and South Korea. The positive outlook could help CAD with oil prices rising on the positive sentiment to new one and a half month high of 57.19. The ECB’s newly appointed president, Christine Lagarde will give her first speech today. The overall data calendar is light for both sides of the border this week with the exception of US non-manufacturing data on Tuesday and Canada’s employment data release on Friday. USDCAD major support is 1.3046 last week’s Oct 29 low with major resistance of 1.3383 September high.