Oil prices take a tumble
Selling pressure in crude today has been enormous even without any fundamental news. WTI is down $4.71 to $59.86, or 7.3%. It's the worst fall since December.
USD/CAD was initially slow to react to falling oil prices but the market is definitely paying attention now as the pair jumps a full cent to 1.2511. The rally today ends a stretch where the pair fell or was flat for 7 days.
Earlier today USD/CAD hit a three-year low but has now traded out an aggressive reversal. The broader market is souring at the same time and highlighting anxiety about higher yields.