Looks like the order books are filling up
The latest rise in USD/CAD is more about the clock than the economic calendar.
The new housing price index is a lowly, lagging indicator and it was in line with estimates. But Toronto traders are rolling in and selling the loonie (buying USD/CAD).
In addition, the US dollar is catching a bid on better initial jobless claims and higher PPI. Finally, oil is paring its gains slightly.
After bouncing off 1.3644 late yesterday, the pair is now nearing last week's high of 1.3793.
The big story remains the downgrade of the 6 biggest Canadian banks by Moody's.
