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Today Its Oil and CAD – Video Analysis

Market Analysis
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Today Its Oil and CAD – USDCAD rallied sharply on the Canadian CPI release, which showed an unexpected abatement to a 1.3% y/y rate after 1.6% in the month prior. The data has pushed back on nascent speculation for the BoC to hike rates. The move recovers about two thirds of the losses seen yesterday, which had come as speculative accounts took the stabilization in oil prices as a cue to book some profits. Crude prices up are for a second day, which may curtail impetus to sell the loonie, though oil remains down by over 4% w/w.

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Stuart Cowell

Senior Market Analyst

HotForex

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