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Analysts at TD Securities explained that the market sentiment was mixed overnight.

Key Quotes:

“US indices largely unchanged (SPX: -0.1%, Dow: +0.2) while Canadian equities underperformed amid a pullback in crude oil prices (WTI: -4.0%, Brent: -4.4%) on concerns over potential supply increases. USTs bear-steepened on a 3bp selloff in the long-end while Canadian rates were little changed to outperform.”

“The USD started the week on the back foot despite the tailwind from a solid retail sales report.”

“GBP (+0.1%) saw intraday gains trimmed after the UK Government accepted amendments from hard-line Brexiters to its Trade and Customs Bill while CAD (+0.1%) and EUR (+0.2%) saw little reaction to a WTO challenge of retaliatory tariffs by the US.”

“RBA minutes and Chairman Powell’s testimony are Tuesday’s main risk events.”