The Canadian Dollar (CAD) is gaining ground against the US Dollar (USD) on Monday after Canada announced it would cancel its planned digital-services tax on American tech companies. US President Trump had halted trade talks Friday, calling the tax “a direct and blatant attack” on US tech firms.
Both the CFLP manufacturing and non-manufacturing PMIs added 0.2 pt from May. The contraction in manufacturing activity eased as frontloading continued while non-manufacturing expanded at a slightly faster pace due to a rebound in construction, UOB Group's economist Ho Woei Chen reports.
WTI Crude Prices are picking up from two-week lows, but they remain about $12 below the previous Monday highs, as the peace in the Middle East and market expectations that OPEC+ countries will agree on another supply hike this week, are keeping upside attempts limited.Trading action is showing minor