I spoke with Bloomberg earlier today about the Canadian dollar.
They called me right after the retail sales report and I told them it wasn’t as strong as it looked but they wanted to write the story about the loonie hitting a one-week high. In any case, the Canadian dollar has been falling since the retail sales report, which is the real story and what I warned about after the data.
In any case, I sympathize. It’s tough to tie in the daily moves in the FX market into some sort of coherent narrative.
