It was a strange-looking FX leaderboard last week

AUD/CAD short was the best trade

It’s rate to see commodity currencies on opposite ends of the leaderboard. And it’s equally rare to see a commodity currency at the top of the leaderboard in a week when the S&P 500 fell 6%.

It all underscores just how impressive the past week was for the Canadian dollar. Despite the headwinds in the bigger picture, it was a driven higher by three things:

1. Oil was up more than 6% on the week
2. Good signals on NAFTA negotiations
3. High Canadian CPI on Friday

On the flipside, the Australian and New Zealand dollars were at the bottom of the pack. AUD/CAD isn’t a chart I look at often but the pair has fallen in 7 straight days after a nice run to start the month. It’s now resting just above the convergence of the 100-day and 200-day moving averages.