The US gets the holiday but Canada is open for business

<p>It's Martin Luther King Jr Day in the US and markets there are closed but Canada is open for business. I wouldn't expect much from Canada but the commodity currencies are under some pressure today after China opted to hold rates unchanged. AUD is down 51 pips to 0.6190.</p><p>So far, CAD is holding up but with oil down in the past hour on Houthi headlines (say they're only targeting ships going to Israel), there may be a chance for retail to front-run CAD weakness.</p><p>In terms of data, the Canadian manufacturing sales report is due at the bottom of the hour. It's not a market mover but at 10:30 am ET (1530 GMT), the Bank of Canada releases its important Business Outlook Survey. That's a critical input in rate setting decisions, that's grown even more important under Macklem.</p>

This article was written by Adam Button at www.forexlive.com.