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USD/CAD takes out 1.35 as EUR/CAD rout continues

If you wanted to look at an FX trade that has been pretty much one-way since yesterday morning, then look further than at the EUR/CAD. Perhaps the USD/CAD is in that vein too, but in pure points terms the EUR/CAD sell-off wins hands down. So, the USD/CAD should have rebounded yesterday after the much weaker than expected Q3 GDP data. However, and as reported a couple of times since, it has not. The USD/CAD has now fallen below 1.35 a moment ago (1.3496 the low). There is no doubts here though; that a good deal of that fall is all about the EUR/CAD and the deteriorating outlook for EU monetary policy. That seems to be has caused the unwind on the cross. The USD/CAD is just now tempering its fall currently trading at 1.3503
 

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