USD/CAD rose and broke through the 1.03 level on Tuesday, even as the oil markets rose at the same time. This shows just how “risk off” the markets are becoming that the Loonie couldn’t get a bid on a day when the #1 export gets bought hand over fist.
The AUD/USD rose initially on Tuesday, but fell hard in the later hours of the session. The “risk off” trade is showing itself in all commodity pairs now, and with the run to the Dollar looks to continue. The shooting star sitting just above the parity level is indeed very ominous looking.
Create a FREE account