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Canadian dollar update – Tuesday August 18, 2020. Bill Morneau gets the boot.

FX & market recap:

Canada Finance Minister Bill Morneau resigned last night. He never said it was because he wanted to spend more time with his family. Instead, after barely completing ¼ of the second term (assuming Liberals last four years), he implied his resignation, was because he never planned on running in the next election.

Morneau said he aspired to be the Secretary-General of the Organization for Economic Co-operation and Development (OECD). OECD officials are likely asking, “Why us?” The Canadian dollar soared on the news. Not really, but USD/CAD traded lower throughout the overnight session. The slide had nothing to do with Morneau. Its been happening for a few days. The US dollar closed with small losses across the board on Monday, and it continued to be sold overnight.

The falling greenback attracted gold bugs. XAU/USD climbed from $1980.97 to $2009.97, underpinned by ongoing US/China tensions and the American’s latest action against Huawei.

Canadian dollar highlights:

USD/CAD selling is not a made in Canada phenomenon, but a product of US dollar malaise world-wide. American political dysfunction, riots, and stubbornly high coronavirus infection levels. USD/CAD is undermined by firmer oil prices and by stop-loss selling, on the break of support at 1.3190. However, the sustainability of the move is questionable as thin August markets distort reality.

Euro highlights:

EUR/USD is flirting with double-top resistance in the 1.1909 area, despite reports that German COVID-19 cases had their biggest increase since April. There are reports that Russia President Putin called German Chancellor Merkel and warned her that EU interference in Belarus affairs was “unacceptable. The EU also has problems with Turkey’s incursion into Greece territorial waters. EUR/USD traders don’t care and are eyeing 1.2020, on a break above 1.1909. There weren’t any Eurozone economic reports of note.

British pound highlights:

GBP/USD is trading at its overnight peak of 1.3173 after closing at 1.3101. Traders ignored news that venerable UK retailer Marks and Spencer announced 7,000 job losses. Instead, they focused on a story in the Independent, claiming the EU is ready to ease their demands for the UK to maintain EU rules covering tax breaks and state subsidies.

Asia Pacific highlights:

USD/JPY dropped from 106.04 to 105.41 on the back of lower US Treasury yields, and a dash of “risk-aversion” selling from COVID-19 concerns and US/China relations.

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