After almost two weeks of declines the C$ is finding support this morning as oil and base metals are rallying strongly. Next week should provide a better opportunity for C$ sellers.
The US$ has strengthened almost 2% over the last 9 days and is likely to remain volatile. Some weakness is overdue and will provide a buying opportunity in the next few days, however the long-term outlook remains towards US$ strength.
There is some EUR strength this morning on rumors of a positive Brexit vote. Any Brexit news or rumour positive or negative is driving EUR and any final resolution could send EUR sharply higher. Expect continued volatility today, but the long-term trend remains down.
- Drummond Gill