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USD / CAD - Canadian Dollar Depressed

- Loonie consolidating losses

- GBPUSD turmoil roils FX markets.

- US dollar remains bid but below its peak levels

USDCAD snapshot: open 1.3709-13, overnight range 1.3642-1.3740, close 1.3740, WTI $77.69, Gold $1633.44

The Canadian dollar sank like a rock yesterday and is treading water in a nervous FX market this morning.

USDCAD climbed from 1.3470 on Friday to 1.3809 yesterday on a wave of negative risk sentiment that sent investors stampeding into US dollars. Investors were panicked by Russia threatening to use nuclear weapons in Ukraine and after a slew of Fed policymakers repeated calls for sharply higher rates for a prolonged period.

The rate talk sparked a spike in the 10-year US Treasury yield which touched 3.91% yesterday. They pulled back overnight an the 10-year yield is trading at 3.823% in early NY.

Asia stock markets shrugged off the weak Wall street close and they finished the session with gains across the board. Japan’s Nikkei 225 index closed 0.53% higher while China’s Shanghai Shenzhen CSI 300 index gained 1.45%.

European bourses are grinding out small gains with a 0.67% increase in the German Dax leading the pack. Wall Street is poised to open in positive territory as the S&P 500 and Dow Futures rebound after closing at the lowest levels since 2020.

WTI oil prices have gained 1.50% since yesterday’s close while gold is0.73% higher.

GBPUSD recovered all its “flash crash” losses yesterday and then consolidated the gains in a 1.0658-1.0838 range overnight. Prices will struggle to break above resistance in the 1.0900.

EURUSD traded in a 0.9585-0.9670 range, weighed down by yesterday’s weak German IFO data, Euro area energy woes, and elevated tensions around Russia and Ukraine. The technicals are negative, while EURUSD is below 0.9705.

USDJPY climbed from 144.07 to 144.72 due to the US 10-year Treasury yield sitting at 3.88% in Asia, then dropped to 144.30 in NY as the 10-year yield slipped to 3.82%.

AUDUSD recovered most of Monday’s losses, rising from 0.6454 to 0.6512 with price action tracking broad US dollar moves. NZDUSD followed suit, climbing to 0.5720 from 0.5635, helped by comments from RBNZ Governor Orr suggesting there was a bit more tightening required.

US Durable Goods Orders are expected to have dropped 0.4% in August compared to the 0.1% decline in July.

The Case-Shiller Home Price Index is expected to dip to 17% y/y in July from 18.6% in June.