Unlike the US, the Canadian economy added jobs in the latest reporting period. Their unemployment rate was 1% less than the US rate at 8.7%. This report appeared to be a game changer today. Prior to these reports, the USD was flirting with a breakout above 1.11, and those of us with that view were given an inglorious exit from the market. Often it is best to take the quick profit because trading FOREX is not like buying an annuity.
The quick appreciation of the CAD to the USD has moved the pair from 1.11 to 1.0820, and changed the chart appearance.
This market has usually traded in a trending pattern during the past year, but today the loonie started doing an impersonation of the Swiss franc. Stocks rallied today, and crude remained in the high sixties. It is best to observe weekend events and developments which, hopefully, will lead to some good trades next week.