USD/CAD decline continues

The rally in oil and other commodities has helped USD/CAD finally break below 1.2500.

It spent most of Tuesday trying to cut through but failed and then bounced to 1.2550 yesterday.

Today the selling resumed and i's just broken through to touch 1.2489. The problem is that tomorrow is jobs day for Canada and the US so there are double-sided risks. Until then, I don't expect a serious challenge to the October lows near 1.2450.