The US dollar was the top performer this week
Last week it was the worst
King dollar is back on the throne.
Last week there was fear about Mexican tariffs and this week there was relief. Or last week there was excitement about Fed cuts, now there is worry they won't materialize.
I think it's instructive to combine the past two weeks. That tells a picture of divergence among commodity currencies with CAD on top and AUD at the bottom. Canada has had a solid run of economic data and the BOC looks like it may be the last central bank to cut, at least among those with legitimate space above zero.
One back that has been talking about AUD/CAD is ANZ and they nicely timed a short on this pair that's 100 pips away from target. Read about it here.