USD/CAD hits 1.27 as oil slides and sentiment worsens
Read full post at forexlive.com
Equity sellers strike at the open again
I’ve been tracking the equity selling at the open closely in the past week and it’s absolutely a phenomenon. Futures were flatish again and now just 45 minutes into trading, the S&P 500 is down 28 points.
That move has led to a broad ‘risk off’ tone in FX. The dollar and yen are climbing against the loonie, AUD, NZD, GBP and euro.
USD/CAD has risen through 1.27, which was yesterday’s high. It’s been a sharp run to the upside with oil down about $1 in the last hour and $1.35 on the day. The weekly high of 1.2708 is a sneeze away.