Month-end could be a factor
USD/CAD is up 52 pips today as the loonie vies with AUD for the bottom of the G10 FX pile. USD/CAD has extended gains in the past few minutes with oil coming under pressure.
WTI crude has quickly fallen to $73.18 from $73.77. That's given an extra lift to USD/CAD, which has now risen above Thursday's high.
USD/CAD's rally today could be aided by month/quarter-end flows. It's a tough time to parse the reasons for currency moves because flows are dominant and news is light. Some extra risk aversion is also creeping in with bonds bid and US equities edging lower.
