Long-time Canadian dollar bull Dennis Gartman was out today saying to stay away from the loonie. It’s often the end of a run when a long-term bull throws in the towel.
The Canadian jobs report today was dismal from every angle but after rising more than a cent, USD/CAD is now up just 48 pips at 1.0891. I suspect there’s an element of profit taking at work because there is no fundamental reason to sell USD/CAD at the moment.