The Canadian dollar is starting to look like it could get crushed

Trump reversal on NAFTA erased in 14 hours

If it"s not trade that"s hammering the Canadian dollar, it"s housing and oil.

WTI crude is down $1.28 today to $48.33 as Libya said it had reached a deal to restart blocked production. That"s one reason for USD/CAD hitting a 14-month high but it"s not the only one.

Housing bears now have a catalyst for selling, as problems kick off at loan-makers.

Without even knowing what"s going on, the chart tells the story. Yesterday the pair broke out above a series of highs in the 1.35-1.36 range.

Today the, the reversal took just 14 hours. Earlier Trump had given the Canadian dollar some great news as he shot down rumours that the administration was imminently planning to pull out of NAFTA. If a currency can"t rally on that kind of good news for a full day, then it"s tough to see a situation where it can rally at all.

1.45 anyone?

The Canadian dollar is starting to look like it could get crushed
The Canadian dollar is starting to look like it could get crushed
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