I think on the margin the U.S. data makes currency traders more hesitant to put on strong positions. The U.S. economy is still growing at a strong pace, and the Fed might have to raise rates longer than anticipated.

Anton Pil

Currency Data Hesitant Margin Positions Strong Think Traders

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One reason we are seeing some volatility is that there are nervous bond investors who own Treasuries.

Its a realization that although consumer inflation has been benign, we always have these fears lurking in the background.

The big shift for 2006 will be interest rates rising outside the U.S..

We've had a bit of range-trading. I think traders have been a bit wary about taking positions on dollar/Canada today.

— David Powell

BitDollarPositions

Traders are not being overly quick to get into long positions as the oil price moves up, but are quick to unload if they see any weakness.