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Yen Weakness and Canadian dollar Strength Abounds this Morning!
By Sean Hyman | July 1, 2009
The theme for today so far is “yen weakness” particularly vs. the Canadian dollar (CAD). This has pushed CAD/JPY up about 1.53% so far this morning. However, many other yen crosses are trailing behind it: CHF/JPY, EUR/JPY, AUD/JPY, etc.
The worst performers this morning? USD/CAD and AUD/CAD. So since CAD/JPY is the strongest and these others are the weakest…it shows that there is CAD strength across the board this morning, dominating many currencies out there.
The unusual thing about this? Canadian banks are closed today for a holiday. Normally that makes a currency very “dull” more times than not. So in this case, there must be enough speculative volume out there to push this currency around in the absence of the big bank volume. Interesting!
U.S. ISM Manufacturing will be out shortly this morning. So be on the look out for that and what it comes out at. You can get that info at www.dailyfx.com .
Sean Hyman
www.forextradingblog.com
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