Why is the Canadian Dollar Weak? (Daily FX)

Friday October 10, 3:19 pm ET By David Rodriguez, Quantitative Analyst strategist@dailyfx.com The Canadian Dollar plunged to its lowest levels in over three years, as an outright rout in crude oil prices and broader commodity markets led to a similarly dramatic rally in the US Dollar/Canadian dollar exchange rate. The Canadian currency likewise fell victim to broader US dollar strength, as the previously-downtrodden Greenback was the best performer among G10 currencies through the day’s clear financial market duress. Indeed, US Dow Jones Industrials Average tumbles perhaps counter-intuitively further fueled the USD’s ascent, and further dollar gains would... [read full story]