USD/CAD swings lower again
What a mess on the USD/CAD intraday chart.
The dual jobs and trade balance reports from Canada and the US has been too much for the market to digest at once.
Without dissecting the details, I think the Canadian report is better than it first seemed and oil has had a small uptick in the past hour so that's driving USD/CAD lower.
The Bank of Canada is almost sure to hike next week as well and some medium term shorts may clear out ahead of it.
Technically, the drop today touched the lowest since June 15 and there isn't much in the way of support until 1.3000.
