The JPY is the strongest. The CAD is the weakest for the week.
It is that time of the week where the numbers are crunched and the strongest and weakest currencies are determined.
For this week, the JPY is the strongest, while the CAD is the weakest.
The JPYs move higher was helped by the Pavlovian reaction to buy the JPY in times of trouble. With stocks getting hammered this week (see the chart below), the JPY was the beneficiary.
Somewhat surprisingly, the NZD and AUD – two currencies considered “risk-off” currencies – also ended the week mostly higher.
The CAD may have weakened on the back of lower domestic oil. Adam pointed out this week that pipelines have been absolutely jammed and the situation is now at crisis levels for producers, who can’t get their oil to market. That is not good for economic growth.
The USD had modest losses this week.