US FX Handover: Is the Breakdown in Loonie Legit?
Matt Weller, CFA, CMT May 29, 2019 8:45 PM
- The Bank of Canada left interest rates unchanged, acknowledging strong domestic growth while warning about the risks to global trade. USD/CAD is trying to break out of its tight 1-month range.
- US stocks extended their declines to 10-week lows as US-China trade tensions showed no signs of letting up. Major US indices are testing their key 200-day moving averages.
- The US dollar was the day’s strongest major currency while the New Zealand dollar was the weakest.
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