USD/CAD down a half-cent
USD/CAD is tightly correlated to oil at the moment. A jump in WTI to $52.00 sent USD/CAD to the lows of the day at 1.3234, hitting stops below 1.3244.
1 hour:
USD/CAD has been consolidating in the 1.3150-1.3300 range after a sharp fall to start the year. It all looks very healthy for the loonie as the bounce was modest compared to the sharp drop.
The level to watch to the downside is 1.3119, which is the 61.8% retracement of the Oct-Dec rally.