Canadian dollar can't take advantage of oil rise
USD/CAD fell to a session low of 1.3175 at the start of North American trading but has reversed in the past two hours to a session high at 1.3240.
In that period, oil has been largely unchanged, holding onto gains of about $1.10, or 2.4%.
The softish Canadian wholesale sales report was a small factor but general US dollar buying is a bigger one. On Friday, the pair pulled off an epic reversal. After falling 1.5 cents, it reversed to rally 2.2 cents and finish at the highs of the day.
Today's trading has been a microcosm of that trade and underscores the appetite from buyers in the pair.
