GBP/CAD shorts were the trade of the week
The Canadian dollar was the top performer this week, largely due to today’s strong CPI report in what was a week that felt volatile in FX but left the majors largely unchanged.
The biggest percentage change was in GBP/CAD, which fell for the fifth straight week.
The pair is now at the worst levels since November 2017 as it broke the lows from earlier this year.
The drop also takes out the 61.8% retracement of the Sept 2017-March 2018 rally.
This is really the story of two trade deals. A NAFTA deal is looking like it could come together while a Brexit deal is looking like it could fall apart. Of course, it could all fall apart in an instant.