The Canadian dollar is yo-yoing. It sank steadily yesterday and is well on its way to fully reversing that move this morning. Traders are seemingly oblivious to domestic economic data, or negative investment news. Norway’s $1.0-trillion investment fund has been banned from investing in four Canadian oil companies, Canadian Natural Resources, Cenovus, Suncor, and Imperial Oil because they produce excessive greenhouse gas emissions. Cynics would suggest the total of those emissions would fly in the face of the emissions emanating from the Norwegian government.
U.S. President Trump stirred the pot yesterday, resulting in a nasty selloff on Wall Street, which carried over into Asia markets. Trump tweeted “As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the “GIFT”. Big numbers!”
USD/CAD SHORT (Sell)
ENTER AT: 1.41060