Not a good day at the office for the Canadian dollar 5 March
Not just NAFTA-related concerns as Trump continues to mouth off on Twitter and elsewhere but we've seen USDCAD rally steadily from 1.2890 in early Europe to now post 1.2989 in steady upward fashion.
We've also seen some renewed CADJPY supply, EURCAD demand and oil prices on the backfoot all adding to make it a currently miserable life for the loonie (nickname that refers to the $1 Canadian coin, and also to the CAD in forex markets derived from the picture of a solitary loon on one side of the coin).
Expect offers/res on USDCAD at 1.3000 to provide some sort of line in the sand for the moment though but dip demand into 1.2960 1.2930 and 1.2900.
