Canadian Dollar Rebound from Intraday Drop

The Canadian dollar declined intraday during Wednesday’s trading session but has managed to erase its losses versus most major currencies and even logged gains against some of them.

The main theme for the Wednesday’s session was escalation of trade tensions between China and the United States. The resulting risk aversion drove down risky assets, including crude oil — Canada’s biggest source of export income. Yet the loonie managed to reverse its intraday decline, perhaps due to optimism for the outcome of the NAFTA negotiations.

USD/CAD was at about its opening level of 1.2806 as of 17:52 GMT today after rising to the high of 1.2848 intraday. CAD/CHF rose from 0.7482 to 0.7495 following the decline to the daily low of 0.7445.

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