CAD suffers late reversal to sit at bottom....>

FOREX: CAD suffers late reversal to sit at bottom of the pile

-Monday's session was particularly quiet, with a calendar devoid of either data

or major speakers, keeping the overarching themes unchanged and price action

muted. Markets instead chose to consolidate recent moves and look ahead to the

G7 summit, FOMC minutes and Jackson Hole Policy Symposium at the tail-end of the

week. The dollar got a boost from rising Treasury yields as the curve

un-inverted, buoying the USD index for a fifth session.

-After starting the session well, CAD performed a decent about face ahead of the

close, prompting USD/CAD to rally back above the C$1.33 handle to stage a test

on the Friday high at C$1.3325. The weakness in CAD came despite more favourable

commodities markets, with Brent and WTI crude futures higher by over 1% or so.

USD/CAD bulls eye C$1.3339/45 as first resistance. The energy market strength

helped buoy NOK, however, which now sits just under 1% higher since the Norges

Bank rate decision last week.

-German PPI and Canadian manufacturing sales are the calendar highlights

Tuesday. Speeches are also scheduled from Fed's Daly and Quarles.