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USD/CAD still holding gains as oil slips on US inventory data

Well, the one theme that has seemingly been constant today has been the dynamic between oil prices and the Canadian dollar. Yesterday the USD/CAD backed off into the US close, after it had stalled around 1.3736. The dollar closed in the US at 1.3708. Earlier today the pair had a brief foray below the 1.37 handle, but it did not stay down there for very long and since then the Canadian dollar has been tracking the oil price lower. A short while ago the price of Brent Crude for December delivery fell to as low as $88 and it is not far off that low as the markets await the latest US inventory data. That helped the USD/CAD extend its move above the high seen yesterday, to touch 1.3780 a moment ago. Well, that inventory data has just been released and it has seen the oil price fall further. This is helping the USD/CAD top hold gains. It recently rose to fresh session highs and that is now trading at 1.3768

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