The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
With oil prices sliding, the CAD has been sold off and some interesting price action is being seen in CAD crosses. USD/CAD has started regaining ground and is currently knocking on $1.2400 after having bottomed in the $1.2100 region.
The greenback is enjoying a safe haven bid relative to commodity currencies and perhaps the fact we are headed to non-farm payrolls is helping to underpin the currency. The $1.2400 region is also the 23.6% retracement of the May-to-June rally and if the pair manages to knock through that barrier, it could run to June highs at $1.2566.
On the US calendar today we have consumer confidence and Chicago PMI numbers. Any signs of strength could see the greenback extend its gains.