Oil near unchanged on the day
The USDCAD moved higher in trading earlier today as oil futures traded lower (the low for the Sep contract traded to 41.64). However, the price has since rebounded and with it has seen the USDCAD move back lower Although new lows for the oil contract were printed on Friday, the price of the USDCAD has not been able to approach the August high at the 1.3212. That was the highest level going back to August 2004. So there is a bit of a reluctance by traders to push the price higher.