• Dec 01 - Switzerland Consumer Price Index: Economic Data Preview
• Dec 01 - Australian Current Account Deficit Improves Sharply As Exports Rise
• Dec 01 - Australian Retail Sales Beat Expectations, Rise 0.7%
• Dec 01 - Euro Zone Producer Price Index: Economic Data Preview
• Dec 01 - Euro Remains Heavy, But 1.25 is the Level to Watch Ahead of Thursday's European Central Bank (ECB) Rate Cut
• Dec 01 - US Dollar Forecast to Rally Against Euro, British Pound, Fall Against Japanese Yen
• Dec 01 - Australian Dollar Could Fall on Reserve Bank of Australia's (RBA) Rate Cut Tonight
• Dec 01 - Japanese Yen Holds Strong as NBER Confirms the US Entered Recession in December 2007
• Dec 01 - Dow Jones Tumbles Lead to Further US Dollar, Japanese Yen Strength
• Dec 01 - German Politicians Claim Sales Tax Cut Unnecessary and Poor Solution
• Dec 01 - Currency Trading Market Conditions Remain Challenging: Breakout Strategies Prove Profitable
• Dec 01 - US Manufacturing Contracts At Its Fastest Pace Since 1982
• Dec 01 - Overnight Interest Rate Update 12.01.08
• Dec 01 - U.K. Fundamental Deteriorates, Stoking Fears of a Severe Recession
• Dec 01 - Euro-Zone Manufacturing Unexpectedly Revised Lower, Fueling Bets for Further Rate Cuts
• Dec 01 - Forex Market Update: Japanese Yen Cross Under Pressure, USD/JPY moving towards 94.50 Area (Update)
• Dec 01 - Swiss Manufacturing Drops to Record Low, Fueling Growth Fears
• Dec 01 - German Retail Sales Drop as Financial Crisis Ruin Spending
• Dec 01 - BoJ Governor Shirakawa Warns Economy Slowing Rapidly, Funding Risks Emerge
• Dec 01 - Japanese Auto Sales Fall by Most in at Least Three Decades

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 bode poorly for the Canadian dollar’s exchange rate against its US namesake.

The Canadian dollar has proven especially sensitive to movements in broader commodity markets, and indeed we see that the USDCAD’s correlation with the Reuters/Jefferies CRB Commodity Index is near its strongest levels in at least 10 years.