Volatile day in USD/CAD
A series of doji stars candles leading up to today has been followed by a bullish outside day as the US dollar soars and oil prices stumble.
The pair is up 53 pips to 1.2492 after falling as low as 1.2387. WTI crude is down $2.42 to $81.75 and that's one factor.
The larger factor though is the broad bid in the US dollar that's ratcheting up alongside Treasury yields. In addition, the stock market is starting to wilt, sparking risk aversion.
Expect further stops on a break of 1.25.
