The loonie led the way last week

The Canadian dollar was the top performing major currency for the second week in a row. It's been buoyed by expectations the Bank of Canada will hike rates on Wednesday. The gains extended on Friday after another good Canadian jobs report.

At the other end of the spectrum, the yen was also the laggard for the second consecutive week. It fell 1.34% against the US dollar as central banks everywhere else take a more-hawkish stance.

The runs in opposite directions for CAD and JPY make the CAD/JPY chart worth a look. the pair sprang on a triple bottom from the 61.8% retracement of the Nov-Dec range but is now nearing the top of that range.

Watch 88.92 in the days ahead.