Beware of holiday breakouts
USD/CAD is up 72 pips to 1.2566 today, rising above the May high in the past few minutes.
It's the third day in a row of gains for the pair but thinned liquidity because of a holiday in Canada means the market is unusually thin although the decline in CAD is in-line with the decline in AUD and the US dollar is broadly stronger.
Technically, there are no major hurdles until the mid-April high of 1.2666.
