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Dollar breaks out at the start of the week

USDCAD News by Newsroom on 15:39 Octuber 24, 2016 EST
The dollar continues showing its strength on Monday. The greenback is the strongest currency among the majors.

On the first day of the week the dollar was particularly strong against commodity linked currencies such as the Canadian and New Zealand counterparts. USDCAD gained 0.35% and climbed above the 1.33 mark in what appears the start of a new wave up after months of consolidation. Meanwhile NZDUSD shed 0.41%.

Oil managed to stay afloat. WTI traded hovering the $50 mark.

Stocks were largerly unchanged after good data from Europe made indexes around the work rise. But later on the day those gains were partially lost.

Overall, Monday was a relatively quiet day in the forex market.