Watching $CADUSD today, that 0.53% bump up to 0.717 is interesting. Seems like there might be some underlying CAD strength building given the $USDX also pushing slightly higher. Wondering if anyone's seeing specific data points pushing this or if it's more general risk-on sentiment impacting CAD.
I'm looking at the recent jobs data for Canada and it does seem to be pointing to a stronger labor market than anticipated, which could be contributing to some of that CAD strength. It'll be interesting to see if this trend continues or if it's just a temporary reaction to those specific figures.
I'm not seeing any major CAD-specific data that would justify a sustained move. Could just be short covering or a temporary divergence from the USDX, I wouldn't read too much into it yet.
I'm leaning towards the data-driven angle. The recent retail sales figures and the BoC's generally hawkish tone, even with a pause, could be providing that underlying support for the CAD, despite broader USD movements.