Oil has overcome resistance in the $56.00 region and pushed as high as 56.45 so far. The reflation trade is alive and well in the commodity markets and the commodity currencies, while it stalls in the major currencies.
CAD, which has a traditional correlation with oil is near its recent highs, trading now at 1.1720. AUD/USD made new highs for the trend a short while ago at 0.7489. 0.7500 barriers are eyed just above the market.
