USD/CAD

Against a slow trading day, the North American trading session will see the release of the Canadian building permits data for the month of November 2016. Economists are forecasting an increase of 2.4% on a month over month basis, coming off an 8.7% increase in October.

On Saturday, the OPEC nations met with their non-OPEC counterparts in a bid to iron out the differences and formalize a deal and a commitment from non-OPEC nations to cut oil production.

USD/CAD is the currency pair to watch today as both economic data and the OPEC meeting offer some strong volatility.

USDCAD was volatile yesterday but priced picked up the bullish pace, closing the day near 1.3450.

The Canadian dollar has been trending stronger over the past two days, fueled by expectations on higher oil prices and the US dollar which is starting to look weaker after a strong winning streak.

Canada manufacturing sales tipped to decline 0.2%, bullish for USDCAD. The pair has been rising steadily, pushing above March 2016 highs in the past few days.