The vote is on Monday
WTI crude oil is up 73-cents today to a session high of $53.54. The gain erases yesterday's loss and a fall to as low as $52.50 earlier today.
The strength in oil has spilled over to the Canadian dollar. USD/CAD is now flat on the day at 1.3200 after rising as high as 1.3232.
The highs of the day in the pair came after Canadian CPI data missed estimates. But a deeper look into the numbers showed core inflation remaining firm, led a by continued firmness in services inflation. The headline was dragged lower by a 10% y/y fall in gasoline prices.
The chart had had a heavy tone in the past week after failing to break above 1.3350. The Canadian election is on Monday and the results will steer the next leg of moves.
