USD/CAD poked through Monday’s low to the lowest since March 19. The market has been on the defensive since the higher-than-expected CPI data on Friday.
USDCAD hourly
The latest move filled corporate bids at 1.1180 but they are littered from 1.1170 down to 1.1150 so the downside won’t be easy.
There is talk of speculative sellers at 1.1240 and corporates on the offer at 1.1285 to 1.1300.