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Has USDCAD Reversed?
With oil prices continuing to drift lower and with Canadian inflation subdued USDCAD made a major reversal in US trade today recovering above the 1.2550 level as longs pressed the pair higher. With ADP and US GDP on the docket tomorrow the greenback could have another strong day and could push the pair through the 1.2600 figure as the day proceeds.
In addition to US data, the market will be looking at US crude stockpiles which may have ballooned due to Hurricane Harvey. If Hurricane pushes prices of crude towards the $45/bbl level the loonie is sure to suffer a major blow and USDCAD short squeeze will accelerate.