February 2, 2023

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USD/CAD nears 1.24 as the loonie soars

1 min read

Canadian dollar with a strong start to the week

Canadian dollar with a strong start to the week

The Canadian dollar was the second-worst performer last week, beating out only the USD. That made no sense given the total change in tone and taper from the Bank of Canada.

Today, the loonie is making up for lost ground as outperforms everything but AUD. Oil is a small headwind today but the risk mood is improving and metals prices are soaring.

On the technical side, there’s nothing standing in the way of the March low of 1.2365 except perhaps some small bids at 1.2400.

If oil can catch a bid or the Fed stays dovish, this will be at 1.20 before you know it.

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