The Canadian dollar barely moved against its U.S. counterpart on Monday as oil prices rose and data showed slower economic growth in China, with the currency holding near a three-month high. World stock markets dipped after data showed slower-than-expected growth in China's economy last quarter, and surging prices for oil, one of Canada's major exports, fed inflation concerns. U.S. crude oil futures were up nearly 1% at $83.07 a barrel, buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.
Early this morning, economic data from China that includes 3rd quarter GDP figures will be the key stats of the day. Economic data from the U.S will also draw interest later, however.
It’s a relatively busy day on the economic calendar, with stats from the Eurozone and Canada in focus. U.S retail sales and consumer sentiment will be key, however.