Oil gains weigh on USD/CAD

Forex

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.

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