The buyers were waiting in the weeds for the data to come out and probably would have bought on almost any readings.
The next level to watch in USD/CAD is 1.1236, which is the 50% retracement of the 2009-2011 sell off.
USD/CAD daily
There is almost a perfect storm for continued USD/CAD buying. The market hates the loonie and all the EM worries and risk aversion are coming together. Plus, it’s one of the only trades that are working right now.
