Is the “recovery” back on track?

Canada added a whopping 93,200 jobs in June, adding to previous gains and coming close to recovering jobs lost during the economic meltdown, according to Statistics Canada on Friday. The unemployment rate unexpectedly dropped to 7.9 percent from 8.1 percent in May. USDCAD falling sharply on the news.

Quotable

“If a man will begin with certainties, he shall end in doubts; but if he will be content to begin with doubts he shall end in certainties.” – Sir Francis Bacon

FX Trading – Is the “recovery” back on track?

There has been a lot of double-dip talk in the market, and a lot of it from us. But, we remain open to being very wrong. Quite possibly, if the recovery is back on track, the US dollar will get smoked on yield and growth differentials; a couple of key factors that not too long ago appeared to favor Mr. Greenback.