The BHP attempt at a hostile takeover of Canada's Potash corporation (their original offer was valued at $39 billion, but the price has risen far above that level now that Potash stock is trading about 10% above the original offer price and BHP has taken the bid hostile). This is finally seeing a sharply stronger CAD in today's trade - a bit difficult to understand why the market was so slow to pick up on this trade. AUDCAD shorts have been one of the more popular ways to express this trade, since BHP is an Australian company. For its part, AUDUSD is well off yesterday's highs despite the equity market recovering, a sure sign that the BHP offering is weighing on the Aussie.
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The BHP attempt at a hostile takeover of Canada's Potash corporation (their original offer was valued at $39 billion, but the price has risen far above that level now that Potash stock is trading about 10% above the original offer price and BHP has taken the bid hostile). This is finally seeing a sharply stronger CAD in today's trade - a bit difficult to understand why the market was so slow to pick up on this trade. AUDCAD shorts have been one of the more popular ways to express this trade, since BHP is an Australian company. For its part, AUDUSD is well off yesterday's highs despite the equity market recovering, a sure sign that the BHP offering is weighing on the Aussie.