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Forex Flash: CAD correlation to oil and stocks rises – TD Securities

FXstreet.com (Barcelona) - TD Securities analysts noticed that CAD correlations with crude oil and stocks has strengthened (CAD/S&P 500 correlation nearing +48% in our rolling 22-day study) while correlation with (less CAD-supportive) short-term Canada-US interest rate spreads has weakened.

“The market struggled to push higher through the 1.0350 earlier this month, opening the door for a modest consolidation/correction in funds after the strong rally from the par zone”, wrote TD Securities analyst Shaun Osborne and Greg Moore, adding that while there is not clarity on Cyprus, modest USD/CAD dips are a buy to the 1.02 area in the near-term.

Forex: AUD/USD bounce kisses 1.0400

The greenback surged against its counterparts as investors got scared of news coming from Europe and a bailout to Cyprus that includes taxes on deposits going as high as 9.9%. From Friday's close of 1.0412, the AUD/USD went as low as 1.0344 before starting a bouncing movement that has reached 1.0400 area.
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Forex: EUR/USD orbiting around 1.2930/35

The bloc currency is grinding lower on Monday while traders continue to watch closely the developments in Cyprus and the debt markets in Spain and Italy...
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