Rough day for the loonie
USD/CAD has gone straight higher since North American traders filtered in. The pair has tracked to 1.3115 from 1.3045.
Oil is down from earlier highs but it’s still up on the day with WTI up 25-cents to $55.88 so that’s not the main catalyst.
Today’s economic numbers from Canada were surprisingly weak, but it was the May wholesale sales report, which is not generally a market mover.
Technically, the pair continues to make an effort to base above 1.3000 but the pair needs to get above 1.3145/50 to put some fear into the shorts.