Canadian Dollar Surges Most In 2 Years As "Tax Inversion" Euphoria Hits FX

Tyler Durden's picture

It appears the Tim Horton's / Burger-King deal has sparked a serious surge in Canadian Dollar demand.

 

CAD is up almost 1% today - its best daily gain since June 2012 - pushing to its highest in a month. We suspect the momentum of the initial "tax inversion" flow merely triggered stops and broke key technical levels (200-day moving average) to extend the move as it seems the 'Canada as an offshore tax-haven meme' is a bit of reach...

 

200-day moving average is 1.0885...

 

Charts: Bloomberg