• Canadian Prime Minister Trudeau spoke to Trump today and discussed progress on USMCA.
• Trudeau won a second term as Canada’s prime minister.

In recent trade, Canadian Prime Minister Trudeau spoke to Trump today and discussed progress being made toward ratifying the continental trade pact and this was followed by the 
US Ways and Means Committee Chairman, Neal, announcing that there will be an opportunity to meet with Canadia Trudeau in Canada soon to discuss the USMCA.

In earlier news, the focus was with the Canadian elections where. Trudeau won a second term as Canada’s prime minister after the country’s federal election, but his narrow victory meant he will lead a minority government that will be forced to depend on other parties to govern. 

FX implications:

Its all good news for the Loonie this week and coupled with promising economic data, on the whole, the CAD can continue to perform on the bid. Glancing over to oil, which is correlated to the CAD, price are elevated there also, supporting the near term bullish case for the CAD.