The cross between the Canadian Dollar and the Japanese Yen is seen as a strong substitute for the USD/JPY pair when a trader is wary of trading the US Dollar. However, CAD/JPY is historically more sensitive to changes in market-wide sentiment than USD/JPY due to the historically higher yield attached to the Canadian Dollar. Further, the 'Loonie' - as the Canadian Dollar is known - is affected by oil prices because of Canada's energy exports.
If you missed this week's session on IG Client Sentiment where I discussed $USDCAD, $AUDUSD, $EURUSD and $NZDUSD, check out the recording on YouTube below. Stay tuned for a full write-up later today! - https://t.co/7h9iCAAePg
"What once seemed to be blue skies appears to have been more a fickle moment of respite as the Euro now finds itself under the dark clouds of a looming but familiar fundamental risk: a revived EU-US trade war".
Stay tuned for the rest at 08:00 GMT.
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