USD/CAD had a bearish session on Monday as traders piled into the oil markets. The increase in price of oil drives up the value of the CAD, and as such – it makes sense this pair fell as a result. The oil markets look ready to rise a bit from here, so a fall down to parity seems highly likely in the pair. However, we think the parity level will be tough to break through.
USD/CHF had a bullish day as SNB member Jordan came out and said that the Swiss National Bank was willing to do “whatever it takes” to keep the value of the Franc down. This wasn’t anything new, so the knee-jerk reaction is probably short-lived.
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