USD/CAD is at the lowest since June 2.
Risk is a driver with stocks into positive territory and USD is generally weaker but the quick turnaround from the rally to 1.0880 is a sign that the bears have taken the upper hand. Securities transactions data added a reason to sell but that is an extremely low-tier data point.
There is some M&A talk in the potash industry on a potential BHP takeover of Mosaic but those flows would all be into USD with Mosaic based in Minnesota.
Technically, there are several layers of support before 1.0843, especially the May lows.
USDCAD daily
But given the turnaround today and that sustained bearish pressure in this pair, a break lower is increasingly likely.
