USD/CAD has popped vigorously in the wake of a very large build in crude inventory. From 1.1850, prices have reached 1.1845 thus far. Offers are eyed at 1.2000 through 1.2050, dealers report. This inventory build may cool the global reflation trade, reminding dealers that it is going to be a very bumpy road before the global economy coughs back to life, to mix several poor metaphors.

1.1865/70 is modest support on pullbacks in USD/CAD near-term.