Canada's Competition Bureau said the proposed transaction between Air Canada and United Airlines could harm competition on 10 routes between the two countries.

Mitsubishi UFJ Financial Group analyst Derek Halpenny said in a note that even if the Bank of Canada follows Governor Macklem’s signals and raises rates, the Canadian dollar’s upside is likely limited. Markets assign a 76% probability to a 25bp hike, so a move could still surprise traders, but Halpenny said Macklem’s signalling is unlikely to convince markets of a sustained tightening cycle; pricing implies roughly 100bp of cumulative hikes by next September. He added market participants will stay cautious ahead of the Federal Reserve’s rate decision.

A U.S. Court of Appeals ruled that Venezuela state-owned oil company PDVSA's 2020 bonds are valid and did not require prior approval from the National Assembly.