USD/CAD helped by oil decline
Oil is at the lows of the day at $71.48 in a dramatic turnaround from $76.98 just over 24 hours ago.
The drop in crude and broad US dollar bid have combined to boost USD/CAD to 1.2514, but 50 pips on the day. The pair is trading at the highest since April 21 on broadening weakness in commodites and a message from the bond market that inflation isn’t coming.
Technically, there isn’t much standing in the way of a return to 1.2630-1.2660 now.