The Canadian dollar had one of its best weeks in recent memory, jumping 250 points. USD/CAD closed the week at 1.2224. The upcoming week is a quiet one, with just four releases. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
The US dollar took a beating from its Canadian counterpart, as US economic reports disappointed, led by retail sales and housing data. There was better news late in the week as consumer confidence shot higher. In Canada, a hawkish policy statement from the BOC pushed the pair lower. Later in the week, unexpectedly strong inflation and retail sales numbers helped the loonie soar.
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