In a dramatic move the SNB abandoned the CHF peg to the EUR which saw the CHF appreciate by as much as 38% versus the EUR. With market speculation rife about a move to full blown quantitative easing by the ECB next week, the SNB may have acted so as to limit its need to buy EUR to defend the peg if the ECB did resort to additional monetary stimulus.
CAD strengthened from just below 1.20 towards the low 1.180 versus the USD . Currently at 1.1910 ; The move in CAD was helped by a rebound in crude with WTI ( FEB) up nearly 2.5% today at it’s peak. Whilst oil enjoyed a 6% pop yesterday all the Loonie could manage was a bit of a sideways shuffle which is not an encouraging sign. With oil now trading lower USDCAD is back above 1.19 and that 1.20 level and beyond is looking very attainable ; Support in USD.CAD is down at 1.1790 and resistance up at 1.2008