Crude oil below $40 for first time since August.
Yesterday, the USDCAD largely ignored lower oil prices and traded down on the day. Today, oil prices have fallen below the $40 a barrel for the 1st time since August (the low for the December futures contract in August reached $39.22), and the price of the USDCAD has moved higher in response.
Admittedly, the price remains below the highs from Monday at the 1.33698 and are below the September highs at 1.34559 (see daily chart below), but the market traders are feeling the pull from lower oil once again.
