If the Canadian dollar were worth US78₵ for the month of July, this would imply a 3.7% increase in the exchange rate from June to July, the largest monthly increase since April 2016. However, as long as it is worth 77.6₵ or more, this would still imply an increase of at least 3.2%, and would still be the largest since April 2016. Whether this will stick or not is not clear. It seems that the market believes that Poloz, due to American pressure or whatever reason, now has pencilled in multiple increases in the overnight rate going forward. Doug Porter expects a 1.50% overnight rate by the end of 2018, which would finally take interest rates significantly above what Poloz inherited when he took office. If it looks like these will not be forthcoming the loonie could drop on the changed market expectations. It could be Poloz is no longer really in control and the Americans are dictating our monetary policy.