The Canadian Dollar (CAD) is barely changed at all on the session, Scotiabank’s chief FX strategist Shaun Osborne notes.

Bulls may try to break above 1.3725/50

“Spot gains edged back above the 1.3725 area briefly—a couple of times—yesterday and remains close to that point this morning but the flat-ish range trade in place over the past week remains more or less intact. The USD is trading above my estimated fair value (1.3668 today) still but factors have turned marginally less CAD-supportive relative to earlier in the week.”

“Weaker crude prices and softer terms of trade may be mild CAD headwinds in the short run. Canada reports Manufacturing Sales, Housing Starts and International Securities Transaction data this morning. Preliminary Manufacturing Sales data for June, released with the May data, indicated a sharp, 2.6% m/m drop in sales in the month.”