USD/CAD drifts lower
Oil was beaten up after last week’s OPEC decision but it has creeped higher in thin trading today. WTI was last up 42-cents to $ 50.22.
In turn, USD/CAD has been slowly edging lower and is at the lowest since Thursday (excluding some chop in ultra-thin trading).
It’s been an impressive 10-day stretch for USD/CAD as it’s sank despite an extremely crowded net long position and worries about Canadian housing.
Aside from oil, the Bank of Canada’s much more constructive tone has been a key factor. On the downside, watch Thursday’s North American low of 1.3405.