Loonie off to a subdued start

Oil fell below $46 while factory surveys from China showed another month of contraction, news that had the loonie off to a subdued start Monday. 

With no major local price-movers, the loonie likely follows oil prices and the global USD trend. WTI crude might probably see a downside and in the weeks ahead loonie might edge up.

"Keys to the loonie in the week ahead will be local trade data Wednesday and the nation's monthly jobs report on Friday. Unemployment is expected to hold at a 7.1 percent, the highest in more than a year", says Western Union.