USD/CAD climbs on oil prices slump
Risk appetite pulling in the other direction
USD/CAD is an interesting trade today. Signs of thaw between the US and China are good for the global economy and that's positive for the loonie. But the 2% drop in crude prices is more-concrete today and that's led to a 60 pip bounce from the European low of 1.3113.
Technically, USD/CAD is in a consolidation pattern in the 1.31-1.34 range as we sort out oil, trade and broader market sentiment.