The Canadian Dollar (CAD) is once again trading flat against the US Dollar (USD) as it consolidates its recent losses and sees notable outperformance against most of its G10 peers.
The eight OPEC+ members that had recently voluntarily reduced their production decided over the weekend, as expected, to further scale back their production restrictions, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.
Japanese Finance Minister Katsunobu Kato said on Tuesday that he will closely monitor the foreign exchange (FX) moves, adding that it’s important for currencies to move in a stable manner reflecting fundamentals.