The market is happy with the number as it shows strength in Canada's economic growth. Investors are willing to buy the Canadian dollar.

The market took this to mean that there is a 100 percent chance that interest rates will be increased at the next meeting and a 75 percent chance at the meeting after that.

The current account deficit has grown to a point where it arguably cannot be corrected by US action alone.

The door will be left open for future rate hikes but the Fed will be increasingly data-dependent. That's positive for the U.S. dollar.

The dollar rally after the non-farm payrolls report underscores the continued importance of labor market tightness with respect to interest rate expectations.

The dollar will remain supported for the time being so long as central banks overseas continue to intervene to keep their currencies weak against the U.S. dollar.

The hike in March is fully priced in. The hike in May is over 80% priced in. There is already talk of continued hikes after that. Interest rate differentials globally are increasingly favoring the U.S. and it's positive for the dollar.

This has had a psychological effect on the markets. For those of us left in the office, we're just watching to see just how high the 10-year will go today.

These are ideal conditions for speculators to push spot prices around. The dollar appears to be testing new lows against the yen. The price movements are not supported by fundamentals.

Interest rate differentials are supporting the U.S. dollar for the time being. Until the Fed pauses, it looks that's going to provide support for dollar bulls.