USD/CAD leads a big turn in the dollar trade. London fix looms
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Canadian dollar wakes up on a day when oil is lower
USD/CAD is down through yesterday’s lows in a 91 pips drop to 1.2662.
In the bigger picture context with oil, gas and commodities strong, it makes sense to see some Canadian dollar strength. The loonie was caught in the vortex of US dollar buying yesterday but with the dollar coming off the boil, it’s leading the reversal.
Overall though these are some choppy waters as we count down to month end. We’re minutes away from the London fix and now USD/JPY is dropping.