USDCAD Plunged on Strong Canadian GDP Growth. US Payrolls Awaited

Both the FX and oil markets experienced large volatility. For the former, euro reversed early losses against US dollar, after subdued US inflation and Treasury Secretary Steven Mnuchin's comments on weak currency. As Mnuchin suggested, "the short-term issues of the dollar have both positive and negative impacts for different parts of the economy" and "obviously, as it relates to trade, having a weaker dollar is somewhat better for us".

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USDCAD Plunged on Strong Canadian GDP Growth. US Payrolls Awaited