Donald Trump as he is wont to do flipped the FX market around with one single statement that he was in favor of a strong dollar. The greenback which was getting pounded all day long suddenly found a bid and ended up coming off the lows in what appeared to be a sentiment reversal move.

We are not sure of the Trump bump will last, but if the dollar is going to bounce, USD/CAD is one of the likelier candidates as tomorrow’s Canadian CPI is expected to show a marked drop off in inflation which could quickly push the pair through the 1.2400 figure.

Technically the pair has made a reversal doji on the daily charts and looks ripe for a bounce.