The Loonie has traded with a weak tone for several days, a sign of impending broad dollar strength to some, and those brave enough to follow that lead have been richly rewarded (after having their patience sourly tested) today. Traders reported a large corporate buy order at the 1.1500 level earlier today which helped hold the line when oil prices spiked. The subsequent reversal in the Big dollar and the commodities markets helped push USD/CAD through 1.1600 and as high as 1.1640 so far. The 1.1650 area is important resistance near-term, the 38.2% retracement of the 1.3063/1.0780 decline.
