USD/CAD down 125 pips

Oil has reversed in the past hour from a modest decline to a small gain and that's led to a quick round of USD/CAD sales.

After falling as low as $29.25, WTI crude is up 25-cents to $30.60. Ryan wrote about the reasons behind the optimism in oil.

USD/CAD has been very volatile over the past week, along with the 7% swings in oil. Better risk sentiment is also underpinning the loonie today with S&P 500 futures up 8 points.

There isn't much to watch in terms of what's driving CAD aside from oil at the moment.