The US is on holiday today but Canadian markets are open

<p>It's Independence Day in the US and That will keep a lid on markets once Europe files out.</p><p>The holiday has cleared the US <a href="https://www.forexlive.com/EconomicCalendar" target="_blank" rel="follow">economic calendar</a> but it's not a holiday in Canada, which returns from its own long weekend today. That leaves the S&amp;P Global Canadian manufacturing PMI as the lone item on the calendar. There's no consensus estimate but the prior was 49.0.</p><p>Canada is in an interesting spot today after the RBA left rates unchanged at 4.10%. The implied odds of a BOC hike are down to 54% from 65% last week in this copy-cat world of central banking. The decision is on July 12 and <a href="https://www.reuters.com/markets/currencies/canadian-dollar-hits-2-week-low-rate-hike-bets-recede-2023-06-28/" target="_blank" rel="nofollow">I've been outspoken </a>that a hike is unwise.</p><p>Despite the falling chance of a hike, USD/CAD is lower today as oil prices climb 1.8%.</p>

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