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

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.

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.

We saw consolidation of the gains in the Canadian dollar from last Friday.

The market has been in this trading range for a while. The market is now digesting all of this economic news. I believe we're poised for another good run in the market.

We could easily see a dollar or two setback in a few sessions if the momentum traders switch sides.