USD/CAD hit 1.2853 but has faded on an oil rebound
It's all about oil today for the Canadian dollar.
The currency tried to take note of a strong retail sales report and fell to 1.2740 from 1.2775 but the reaction lasted only minutes as the US dollar got some broader traction. It was a steady rush higher from there up to 1.2838.
A second twist sent it back down below 1.2800 but as oil prices rolled over after the inventory report, the gains restarted up to 1.2853. In the latest move, the pair has slipped back to 1.2823 as oil recovers to $49.19 from a low 90-cents lower.
