After eight consecutive rally days, any excuse would have been good to take some profit. This is what happened on the USD/CAD pair when it dropped below the 1.0300 mark after the release of an as-expected Q4 GPD at +0.6%. As the majority of the latest Canadian news has been quite disappointing, a dull GDP report should not change the negative trend on the Loonie.
As you will see in Today's Snapshot, this week will be quite volatile: Bank of Australia's decision on Monday, Euro-zone retail sales on Tuesday and most of all, Bank of Canada's decision on Wednesday and Canadian and US employment reports on Friday.
Meanwhile, in Italy, the Commedia dell'arte continues to weaken the EUR vs. the USD.
USD sellers, get your orders ready, commodity currencies could see some significant price action.