USD/CAD has been a frustrating trade for bears like me.
The post-FOMC losses haven’t materialized despite higher stocks and commodities. I believe EUR/CAD short-covering has broadly hurt CAD.
USD/CAD climbed as high as 0.9764 where offers from ACB prompted a fade back to 0.9738. Stubborn sellers at 0.9775/0.9800 are above.
Ultimately, CAD is one of the currencies that will be helped most from QE programs so I continue to favor shorts.
