USD/CAD briefly drops
The mood in broader markets has turned after US equities hit a record high. Alongside the move, USD/CAD fell to 1.2668, below the late-January low of 1.2686.
The dollar has since bounced back to 1.2696, in part due to oil prices turning negative.
The loonie is now flat on the day, which would end a streak of three straight sizeable declines.
I'm not overly worried about this turn in sentiment. The market might have gotten a bit ahead of itself but so long as Powell doesn't start talking about inflation and tapering, this is a bump in the road.