USDCAD pushes higher as oil markets back of from $50
Oil is falling further form the $50 handle and oil related currencies are feeling the heat. There's not much else going on in FX world so any driver is going to push prices around. The pound has dipped to a new day's low at 1.4621.
WTI topped out just over the 50 mark yesterday and Brent couldn't manage to get above 50.45/50. I mentioned yesterday that if oil couldn't take and hold 50, the higher the likelihood that we see a deeper fall back from it. Brent is now nearly 2 bucks off that high.
USDCAD is also on the move and once again back above 1.3000. The closest resistance comes in around 1.3070/75 but we may see that start around 1.3060/65.
USDCAD H1 chart
I'm still looking out for a move up to the 1.33 area as I like the technical picture for shorts off the daily chart.
USDCAD daily chart.
I shouldn't think USD traders will let it roam too far ahead of Yellen and that's probably a big reason why most other USD pairs are just treading water right now. Most of the chatter today is mentioning that her June 6th speech is possibly going to be more important coming right after the NFP. We'll see one way or another later.
