USD/CAD broke the cycle high and rose to 1.0749 after a weak Ivey PMI.
Offers at 1.0750 have capped the move so far but technical resistance is sparse until the 2010 high of 1.0853.
US dollar taking flight
Update: 1.0750 is broken with a new high at 1.0761. The breakout in USD/CAD was the proverbial straw that broke the dollar-bears’ back — USD is ripping right across the board.
Part of the reason is major upward revisions to Q4 GDP estimates that are coming out after the latest trade data. Baclays is up to 3% from 1.5%, Morgan Stanley to 3.3% from 2.4% and Goldman Sachs to 2.8% from 2.3%.