USD/CAD hits fresh session highs

The Canadian dollar is under some pressure. It's part of a broad US dollar bid that's flowing through market at the moment.

You would expect some Canadian dollar resilience but it's being totally swamped despite a 70-cent rally in oil today to $46.21. That could change with EIA US oil inventory data due at the bottom topof the hour (it's 30 minutes later than usual).

Technically, the jump in CAD today doesn't change much. It's just ticked above Tuesday's high but there's plenty of work to do to recover from the decline that started at the beginning of the month.