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USD/CAD on the way back down again as oil lifts

The oil price has rebounded from earlier session lows, but at the same time in relative terms it is still lower on the day, with Brent remaining below $80. The push higher in the pound and a drop back now below 149 again in the USD/JPY is symptomatic of fresh dollar weakness and that has helped the Canadian dollar too. The earlier rise in the USD/CAD stopped short of retesting the 50 day moving average again and now it is tracking lower once more. The USD/CAD is now falling back below 1.3625. The nearest support level of any possible note would be the 1.36 handle itself and then the low seen on Friday, at 1.3594. One thing to note here for later in the week. On Friday the monthly Canadian jobs report will have sole rights in terms of that kind of data release, as the US jobs report will not be released until Friday December 8. The USD/CAD is currently trading at 1.3624

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