Loonie Plunges Most In A Month Ahead Of Crude Open
As markets flutter to life following the Doha disappointment, it is clear some turmoiling is to come. Canadian Dollar is down over 1% against the US Dollar - the biggest drop in 4 weeks - erasing all of last week's gains. Ahead of this evening's crude futures open, CAD implies a sub-$39 open for WTI...
Still, some participants are spinning away...
- *NOVAK: RUSSIA THINKS "DOOR NOT CLOSED" TO AGREEMENT
- *SOME COUNTRIES CHANGED POSITION RIGHT BEFORE MEETING: NOVAK
- *NOVAK: SAUDI ARABIA AMONG NATIONS DEMANDING ALL OPEC JOIN DEAL
So no deal is still a big deal? Markets are not buying that for now... but then again we would fully expect some central bank buying here to ensure the narrative remains positive.
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We will see if it reverts all the way back to the beginning of the year values. Maybe they are afraid Donald Trump will build a wall on their border too, lol. Needless to say, Canada will survive and if their currency dips too far it will be a buying opportunity. I'd much rather trust Canadian financial strength than the EU.