The loonie holds its ground as oil sits above $80.

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USD/CAD spent the week either side of 1.37 while crude stayed bid above $80. The dollar had every reason to push higher on the data and did not, which tells you where the market’s appetite is this month.

For importers with US-dollar payables in the next quarter, this is a window rather than a trend. A window is something you use. We layered cover for two clients on Thursday and would do the same again at these levels.

What we are watching

• Friday’s employment report, which decides whether the Bank of Canada’s next move is priced for October or December.
• Crude holding $80. If it does not, the loonie’s support goes with it.

The rate you did not hedge is the one that costs you.