The USDCAD has made a significant jump on inflation news + the FED seemingly changing their speech. However, if read the FED statements closely, they are really saying the same thing. Yes, inflation is more than they expected (big shocker...), but they still believe it is transitory/temporary. If you look at the other asset classes correlated w/ the USD/CAD, they are not moving. Therefore, we should be positioning ourselves for a possible correction until we are more sure inflation is here to stay. Who knows though; the fear of inflation might be more overwhelming than the inflation itself. Warning: I am not your financial advisor