U.S. markets are closed for Martin Luther King Day so price action is expected to remain muted throughout the North American session.

He gave me an opportunity to swim against the best swimmer of his day in the lane next to me, ... Don Schollander. He said, 'Keep up with him,' which I did. Then he taught me how to beat him, which I did. He was a great teacher. He knew what he was doing, and he instilled a tremendous amount of confidence in those around him.

A hawkish tone is already priced into the markets, both in the yield curve and on the currency. It was the big event risk of the week and he did live up to market expectations.

I'm looking for dollar/Canada to trade within the well-defined C$1.1370-C$1.15 range ahead of the tier-one economic releases that are out this Friday.

Canada looks to be a buy not only against the U.S. dollar but the euro as well.

Given the Fed's middle-of-the-road statement that the end is somewhere nearer rather than further, it implies that the (U.S.-Canada) interest rate differential is going to narrow, and that is favorable for the Canadian dollar.