CAD: Strongest of the major currencies over the past week - BBH

The Canadian dollar was the strongest of the major currencies over the past week, rising nearly 0.75% against the US dollar, notes the analysis team at BBH.  

Key Quotes

“The US dollar fell against the Canadian dollar twice during the past five sessions, but those two days more than offset the gains of the other three sessions.  The slightly firmer underlying July inflation measures saw the Canadian dollar trade on both sides of the previous day's range, with the US dollar falling to a two-week low of CAD1.2575.  The US dollar closed the below the previous day's low, meeting the definition of an outside down day.  Note that same pattern is also now on the weekly bar charts.  The US dollar recorded an outside down week.  Technically it is understood to be bearish.  The dollar bounce that began around July 26 faded near CAD1.2770.  To boost the odds that this is the corrective high, the CAD1.2550 area may need to be convincingly violated.”