It is the only news in town.
The Canada CPI garnered all the headlines at 8:30 AM ET, and it was higher than expectations. The pair fell below the 61.8% of the move up from last weeks lows and moved down toward the trend line target at the 1.3026 level but has come up short.
Adam points out that the BOC might look past the surprise (with a cautious eye) but it should keep the bears more in control in the pair.
Technically, a move back above the 1.3085-965 area would not be what shorts want to see. ON the downside a move below the 1.3052 would be more bearish. The trend line at 1.3026 and then the 1.3008 level. The 1.3008 was the low from last week.
