USD/CAD slides to start the week
The Canadian dollar continues to sizzle.
Around the 28th of the month is when oil flows often settle so that could be part of the decline today. The storm in the gulf could also be boosting demand for Canadian crude.
The low so far is 1.2444, down 30 pips on the day.
The zone of support to watch is 1.2410-1.2415, which were the late-July lows. I wrote about the potential for USD/CAD lows all last week but I don't think there's enough momentum for a sustained break of those levels just yet.
That could change if non-farm payrolls are weak or if there is some other trigger but there's nothing obvious out there.
