WTI crudes continue to fall, which....>

DOLLAR-CANADA: WTI crudes continue to fall, which is in turn weighing on the

loonie with USDCAD last dealing just below 1.2890.

- Over the weekend reports suggested that "Joint Technical Committee of OPEC and

non-OPEC nations show that producers' target of reducing global oil stockpiles

to 5-year average was reached in April, and dropped below that." There were also

suggestions that OPEC/Non OPEC nations may agree add up to 1mln bpd worth of

production at the June 22 meeting. While Russia's Energy Minister Novak

suggested that "a return to the oil production levels that were in place in

October 2016, baseline for the current deal to cut output, is one of the options

for easing curbs" on Saturday.

- Resistance comes in at the May 08 high (1.2998) followed by the 1.618% swing

of the move from 1.2925-1.2743 (1.3038).

- The BoC MonPol decision provides the major point of interest for CAD traders

this week, with a large majority looking for the BoC to stand pat when it issues

its decision on Wednesday.