You have to look at the context of the market. For one obvious reason is the psychological level at the parity, or 1.0000 on USD/CAD. Yes, the number is positive, but for one thing it didn’t really hit our tradable deviation, and if you have read my analysis, this is what I warned about “With USD/CAD lingering at the parity level, if we get a significant positive release, market could make an attempt to take out 1.0000 level; if it is taking out decisively, according to analysts featured on Bloomberg, we could see up to 0.9700 in the next few weeks.” Unfortunately, we saw about 5 to 10 pips of movement beyond 1.0000, then bounced back. That should be your first clue that market isn’t ready to break below… As a matter of fact, I called a BUY at 1.0000 in the trade after seeing it unable to break below.

Henry

It was a positive number, but the CAD fell in value (i.e. USD/CAD increased!!!).

wtf!!!??? holy moly … i think it had something to do with crude oil inventories coming out about 30mins after.