USD/CAD drops in broad commodity currency bid
USD/CAD falls to the lows of the day
The Canadian dollar is beginning to take advantage of USD softness. The pair has slid down to 1.2580 from 1.2605 in the past hour, despite a good US retail sales report.
It's all about risk appetite at the moment with bonds slump, stocks higher and the world feeling a bit better after a relatively modest strike against Syria.
The story on the USD/CAD chart is consolidation. The pair slumped hard early last week but rebounds have been fleeting. I wrote on Friday that the lack of an extension higher would be a negative sign.
It's still a bit early but the downside is beginning to look enticing.