USD/CAD can't catch a breather as it hits another 11-year high

USD/CAD rises another 30 pips

The thing about a market with no resistance is that it rises easily.

Oil is lower and that's an easy signal for USD/CAD buyers. The US dollar is broadly stronger and that's the other factor.

It's rare to get a meaningful move in USD/CAD in Asian trading so that says a lot about the strength of the trend at the moment. The BNP Paribas note we just published also makes a lot of sense. At the end of the day, a hike is still a hike and US dollar bulls love it; at least for now.

I don't see any ceiling on USD/CAD for a long time. Sure, the US dollar might get hit on the 'sell the fact' Fed trade or flows at year end but that's a bump in the road. Even if the US economy isn't that strong, Canada's is sinking and with commodities.