CAD review

Western Union:

Canada's loonie rebounded from mid-April lows as the U.S. currency pulled back and oil prices topped $60. The fragile shape of Canada's economy will leave the loonie vulnerable to testing new lows over the short run. 

Look for fundamental drivers in data Wednesday on Canada's trade balance and Friday figures on employment. Beware U.S. importers as improvement is on the cards for both surveys which if realized could strengthen the loonie and weaken the big dollar. Consider taking some cover today with the loonie near its most affordable levels since April 15.