Don’t look now ladies and gents but there’s a new king of the forex hill. It’s the CAD.
Traders blame the Queensland floods for holding back the Oz a bit today while the bubbly start to the new year in the equity markets has traders jumping into commodities like there is no tomorrow (but if there is no tomorrow, what they gonna do with all those freakin’ commodities?)
USD/CAD has broken below the 0.9900 level and now trades at 0.9890.
Next support is down at the 0.9915/25 area, dating back to halcyon days of May 2008, before the poop truly hit the fan…
