USD/CAD higher for fourth day.
USD/CAD is at a session high of 1.2229 after falling as low as 1.2172 in early European trading. The pair has risen every day this week, starting with a squeeze in holiday-thinned trading on Monday. At these levels, it would be the worst week for CAD is late January.
Commentary from Poloz this week remained upbeat and reports on Canadian CPI and retail sales are due Friday when a large option expiry at 1.2265 also runs off.
The loonie is very-much at the mercy of two things today: 1) oil (as usual) - crude prices have backed off to $59.41 from 59.87 2) broad US dollar sentiment with reports on the Markit PMI, Philly Fed, consumer confidence and existing home sales all due.
Technically, the pair looks like it wants to get back to 1.2352, which was the low in early-Feb.
