CAD – The Canadian dollar weakened to its lowest level in 17 months against its US counterpart on Monday, as rising worries about the global economic outlook weighed heavily on commodities and commodity-linked currencies as WTI fell by 7.50% from its session high.
TD Securities added that “a lot of commodity currencies are just getting smoked against the dollar… What was a very strong terms-of-trade tailwind for these currencies that helped them outperform in Q1, some of that is being reversed just because these currencies need to see strong growth to maintain their loftiness.”
TD Securities added that “a lot of commodity currencies are just getting smoked against the dollar… What was a very strong terms-of-trade tailwind for these currencies that helped them outperform in Q1, some of that is being reversed just because these currencies need to see strong growth to maintain their loftiness.”