Markets

USDCAD drops over 100 pips from the highs but not on what you may think

Point a finger at the loonie and you might as well point a finger at oil, but it's not all about that this time

Yes oil has briefly rebounded to positive territory, and yes USDCAD has fallen but the main driver being noted is selling in EURCAD above 1.5120. that has led to stops being hit through 1.5100 sending it down to 1.5020

EURCAD 15m chart

Cross flows are said to be dominating a lot of the moves today so look to those for working out what tail is wagging what dog

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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