Risk aversion outweighs oil
The OPEC deal and resulting +6% rally in oil is just about the best thing that could have happed to the Canadian dollar this week.
But USD/CAD is almost back to where it was before the decision.
It's not fair to look at just OPEC and oil but despite some banking worries today, the stock market hasn't been imploding. On the week, it's down just 1.0%.
What has been consistent in the past two weeks is CAD underperformance even when the news is good. That's a paradigm that will lead to trouble.