It is estimated that around 16000 people have had to leave their homes with more than 100 firefighters assisting in minimizing the damage and assist in rescue efforts. The raging wildfires in parts of Canada has continued into the new week with Nova Scotia having to declare a state of emergency. This could in part be down to the fact that the deal still needs to be approved by both sides before President Biden Is able to sign the bill. Market sentiment continues to shift back and forth at present with news around a debt ceiling deal yet to fully take hold. This is by no means a given but rather an observation following comments by the Saudi Oil Minister last week. Such a move would no doubt boost oil prices and thus benefit the Canadian Dollar. Of course, there is the all-important OPEC+ meeting in Vienna this weekend which could herald a surprise production cut. WTI continues to struggle holding onto gains which has also negatively impacted the loonie. WTIs STRUGGLE, OPEC MEETING AND LOOK AHEAD

The loonie looks like it could be vulnerable to further losses as hawkish re-pricing of the Fed rate hike probabilities for June threaten to keep the US dollar supported.

The Loonie has put in some gains against the Greenback this morning helped by US dollar weakness. MOST READ: Gold Price Forecast: 100-Day MA Provides Support as Gold Eyes Recovery

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