Biggest one-day jump in a month
USD/CAD is up a full cent today and trading near a one-week high.
The pair failed to break below the July lows on Tuesday for the second consecutive day. That made for a minor double bottom and USD/CAD has springed from there.
Canadian current account balance was better than expected today but the main driver is the US dollar as it climbed on strong ADP and GDP data.
Looking ahead, the 1.2778 level from mid-August is the spot to watch. It's increasingly looking like the market is consolidating in the 1.2450 to 1.2778 range as it sorts out what's happening at the Bank of Canada and the Fed.
