The BOC released better than expected CPI data an hour ago causing the looney to drop over 50 pips slamming into the 1.33 handle where we can see the pair consistently reacting to in the recent past. I've observed over the last month or 2 that the USDCAD seem to have real affinity for the 1.33 handle and I've been quite profitable trading on that assumption, including on this morning's move. But now that the line has been struck so quickly I believe we may be headed for an upswing in the term. Price action during the US session today I believe will be a strong indication of future movement in the near term.