USD/CAD hits session high
USD/CAD has taken out the early Asian highs and at 0.9960.
Sometimes this pair is slow to react to news until the Canadian banks get up and running. I haven’t seen anything to suggest today won’t be a bloodbath in the Canadian stock market after the Petronas bid was blocked.
Even if the Nexen deal is eventually approved, the foreign investment climate in Canada is now damaged. To me, it’s a major USD/CAD buy signal.