Crude up 12%
The moves in the oil market are ruthless this week. USD/CAD hasn't had the tightest correlation with crude and that's puzzled traders this week.
One of the reasons was has been heavy orders in the market. It's clear that a massive bid was sitting in the 1.3900/1.3880 range today. It finally broke and virtually gapped down to 1.3850 and has continued down to 1.3830.
Despite the jump in oil and quick move down, there is plenty of support nearby.
First is Wednesday's low of 1.3821, followed closely by 1.3800 and Tuesday's low of 1.3787.
Be careful trading USD/CAD on Monday with the US and Canada both closed for holiday.
