Canadian dollar underperforms early ...Middle East

USD/CAD is up 70 pips or 0.5% to 1.4360. The loonie is the weakest currency among all the majors.

I wouldn't expect a big drop in steel/aluminum shipments even with tariffs as they only fell 10-15% last time so we're talking about less than $2 billion overall, which is a drop in the bucket of Canada-US trading.

Still, I don't see that as a good reason for the loonie to be at the bottom of the list. In any case, it might just represent thin liquidity as the Candian dollar is only moderately softer than AUD and NZD.

This article was written by Adam Button at www.forexlive.com.

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