CAD: Weakest of the major currencies last week - BBH

Analysts at BBH points out that the Canadian dollar was the weakest of the major currencies last week, losing 1.3%, with the US dollar moving above CAD1.35 for only the second time this year. 

Key Quotes

“The technical indicators point to additional US dollar strength, with CAD1.3575-CAD1.36 being the next obvious target.   In addition to corresponding to the highs from Q4 16, it is also the 50% retracement objective of the US dollar slide from the January 16 high near CAD1.4700.  The greenback's sharp advance is forcing the Bollinger Band to widen.  The upper band is found near CAD1.3500.”