Fifth day of gains for USD/CAD
USD/CAD strength is the (lone?) story today in the forex market as oil prices slide. The pair has caught a fresh bid as North American trading ramps up and that helped to take out the May high of 1.3188.
The April high of 1.3219 is the best level to watch but if USD/CAD can finish above this level, it clears the way for a 4-5 cent rally from here.
Note that, however, around the 25th of the month is where we usually see some oil settlement flows and that tends to be CAD-positive (USD/CAD negative).
