CAD: Amongst worst performers against the USD - BBH

The Canadian dollar was among the worst performers against the US dollar over the past week, gaining about 0.3%, points out the research team at BBH.  

Key Quotes

“The greenback's softer tone appears to reflect consolidation rather than an outright correction  The pullback has stopped shy of testing the minimum retracement objectives (~CAD1.2395).  Official comments have encouraged investors not to be so aggressive about the trajectory of monetary policy.  The technical indicators are mixed.”

“The market has taken the guidance to heart.  A month ago the market was pricing in about nearly an 80% chance of another hike this year.  Now, according to Bloomberg, about 53% change has been discounted.  Canada reports retail sales and CPI on October 20.  Both reports are expected to be firm.”