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CAD underperforms as the USD is king on Thursday

FOREX
  • CAD has been the underperformer today, down 0.6% against the USD, with USDCAD reversing Tuesday's move lower but still moving nowhere near the highs of Friday. CAD has not been helped by falling oil prices today.
  • The dollar has remained strong, initially on higher yields, and later on risk aversion as events in Afghanistan spook the market somewhat. In keeping with the latter, the yen and euro are the next best performers in G10.
  • Focus is now shifting to tomorrow's Jackson Hole Economic Symposium. There are six scheduled media appearances from FOMC members ahead of Powell's speech which is due at 10:00ET/15:00BST.

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