Oil sank earlier, dragging the Canadian dollar with it but it’s since bounced back into positive territory. It started strong and rose to a high of $73.55 then faded all the way to $72.04 in early North American trade. However int he past few hours it trended higher again and is just above $73.00. All today, that’s a rise of 36-cents on the day.
oil intraday
As I wrote earlier, it’s foolish to try to read too much into market moves on a day when both the UK and US are out. Even with the debt ceiling news, the market is loathe to make any kinds meaningful moves.
With the bounce in oil and stronger stock futures, USD/CAD is now down 25 pips to 1.3589, which is just above the session low.
