Forex today: CAD lower lead by drop in WTI, US dollar on its knees and euro takes off

Forex today was dominated in the end by the price of oil dropping to lows of 45.29 in WTI.

However, before getting the Canadian dollar, t was about the euro before that move higher in USD/CAD. The euro took off early doors, initially on strong European data and continued the Asian bid from down at 1.0880 until 1.0985 the high when the US got in buying up euros from 1.0918/20.

The hype is all about the French elections. There is a lot being priced into a Macron victory encouraging bulls to target the 1.10 handle in a possible buy the rumour sell the fact style of outcome for the euro crosses. This was discussed in today's French Election panel between hosted by FXStreet's Ross Burland and guests Joseph Trevisani  from WorldWideMarkets, NY, and Yann Quelenn from Swissquotebank in Europe: see here for full recording: How to trade the French elections with Joseph Trevisani and Yann Quelenn 

Meanwhile, in a technical sell-off, the DXY is trading within a range of 98.74 and 99.46 and below that 99 psychological handle down -0.46% on the day so far just ahead of the close. However, US yields were through the roof in an out of synch market, rallying at the off from above the 2.30 psychological level between a range of 2.3180 and 2.3667, up +1.4% on the day. 

GBP was consolidative today. Currently, GBP/USD is trading at 1.2928, up 0.47% on the day, having posted a daily high at 1.2933 and low at 1.2831.
The yen took full advantage of a weak dollar, dropping from 113.05 the high to 112.34 the low, associated with US stocks tumbling from the off in a risk-off market where WTI lead the way, falling over 5% between a range of 47.75 the high and 45.29 the aforementioned low. USD/CAD has been an ongoing bid since the 12th April, with just two marginal down days within the broader and strong bullish trend from 1.3222. Today, USD/CAD reached as high as 1.3775 despite the weakness in the greenback elsewhere.  As for the antipodeans, they struggled in a risk-off environment and the Aussie dropped to as low as 0.7382 from 0.7431 lows and the Kiwi move din a similar fashion from 0.6894 down to 0.6834. Gold, however, was also suffering, dropping from 1241.58 to 1224.33 the low. 

The day ahead

Today, we have the RBA's monetary statement and new homes sales data while in the US, the nonfarm payrolls will take the limelight along with Yellen's speech. 

Key events from the US session 

• Healthcare bill has the 216 votes to pass U.S. House; bill now goes to the Senate
• US Dollar remains near daily lows even after US House approves healthcare bill
• U.S. Senate's consideration of Healthcare plan will await "procedural and budgetary scorekeeping reviews" - RTRS
• Trump: Confident Republican
  healthcare plan will pass Senate - Reuters
• USD/CAD at highest levels since Jan 2016, 1.3778 the high so far
• Oil intermarket: DXY and oil highly correlated, can WTI thus bounce back?
  EUR/USD breaks multi-day range, climbs to highest since November
• IFOP poll: Macron seen beating Le Pen 61/39