It's fitting for the most depressing day of the year
Parts of Canada are in near 24-hour darkness on the Winter solstice today but the loonie was a bright light in the FX market this year.
With one week of trading to go it has the lead over the pound as the top G10 performer.
What's depressing is how tight these ranges are. Many years, this would have been a decent week of volatility.
Last year wasn't much better with AUD and CAD both at the bottom of the chart largely because of the late-year volatility. 2018 leaderboard:
But if you go back before that to any year in the previous decade, then there are at least a few double-digit percentage moves.
Ultimately, volatility always returns and the extraordinarily low volatility this year leaves some small candles on the yearly charts. One day those will break in the kind of big, long-lasting trendlike moves that we all love.
Here's to hoping that's in 2020.
