USD/CAD is up 53 pips to 1.3550 today in a curious move that's tough to completely explain.
Some of it is broad US dollar buying, which is underpinned by rising yields. There's some corporate bond pricing today and Amazon announced a big offering, so that's pushing up rates.
But CAD alone is a tough one, especially with AUD and NZD both up around 1% today. Some of that could be explained by China reopening optimism and Australian and New Zealand leverage towards that but CAD is also a beneficiary, especially with oil up 2% today.
The risk mood is darkened a bit with futures now flat but, again, that's not a great reason to dump CAD.
Finally, the economic data was CAD-positive with GDP soaring past estimates.
I tend to think that the month-end flows are at work here.
