The CAD,NZD, & JPY were the under performers against the USD overnight with the grouping losing 0.75%,0.84% &0.87% respectively. The Canadian currency’s troubles were aided when manufacturing sales for the month of November was reported at -1.4% vs expectations of -0.7% , this coupled with WTI crude retracing its earlier gains ( -4.29%) has put further pressure on the Canadian currency which has broken through the 1.20 barrier to trade to a high of 1.2083. As we’ve said before the path of least resistance is still for a weaker CAD. Tomorrow, brings the Bank of Canada interest rate decision and data on Wholesale Sales for November. For those watching oil, keep an eye on the $46 level which is a long term support. A close below here could see oil fall lower taking the Loonie with it.