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USD/CAD in recovery mode as oil falls further

The more general recovery in the US dollar since this time yesterday morning has come as stock markets edge lower and the oil price slips further. That has all been covered in earlier updates here. What has not been covered, is the impact of a wider dollar rebound (as demonstrated by the move back above 105.50 in the USD index) and the impact further oil price falls has had on the Canadian dollar. It was noted here on Friday; that the drop in the USD/CAD masked a worse Canadian jobs report, such was the move out of the dollar back then. Well, that Canadian jobs data was actually far worse than anything seen in the US, but it did not stop the USD/CAD from falling back close to 1.3625 at one stage yesterday. However, it has rebounded again now and it is not far from reclaiming levels above 1.3750 and rightly so, in this humble opinion. The USD/CAD closed in the US last night at exactly 1.3700. It has just now risen to a session high at 1.3745
 

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