Rumors of the dollar’s demise were greatly exaggerated.
The US dollar has jumped to session highs across the board. CPI was a fraction higher than some estimates but not nearly enough to justify this kind of move.
USD/CAD was an early mover and is now 80 pips off the lows and has risen above the double-bottom confirmation level I highlighted a bit earlier.
In the bigger picture, there’s no easy spot to point or reason for the wave of dollar buying but there is talk of Turkish troop movements on the Syrian border. EUR/USD took out some stops below yesterday’s low.