NZD/CAD made an impressive turnaround
The New Zealand dollar was the top performer this week while the Canadian dollar lagged.
The euro struggled throughout the week and the bouts of risk aversion gave the yen a bit of a bump. Cable finishes the week with a slight gain but it was the result of a single, solid day of gains on Tuesday followed by three days of slowly giving it back.
Looking at the weekly NZD/CAD chart is a reminder that last week was the opposite. The pair fell and broke to a two-month low. But this week it shot back and the week chart now shows a bullish outside reversal.
The story this week for CAD has been a series of negative reversals that really got moving after BOC talked about a surprise rate cut.
In terms of this pair, it won't take much to get back to 0.9700.
