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25 Mar 2020

USD/CAD extends slide below 1.4200 as CAD soars

  • Risk sentiment boosts Loonie; crude oil up more than 3% and Dow Jones 5.5%. 
  • USD/CAD drops almost 300 pips on Wednesday, on the best day for CAD in years. 

The USD/CAD broke below 1.4300 during the American session and more recently fell under 1.4200. As of writing, trades at the lowest level since Friday at 1.4190, down 270 pips from Wednesday’s close. 

The loonie is the biggest gainer among G10 currencies on Wednesday supported by the improvement in risk sentiment and also the recovery in crude oil prices. In Wall Street, the Dow Jones as up by more than 5.5% and the Nasdaq 2.40%. 

Another key factor behind CAD’s rally is the 3% gain in the WTI barrel. It rebounded near $23.00, rising toward $25.00. Crude oil prices are offering signs of stabilization around current levels. 

Data to be released on Thursday includes US initial jobless claims that are expected to show  big increase. In the Canada, the media reported that almost one one million Canadians applied for jobless claims last week, about 5% of the labor force.
 

 

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