Rating cut, no problem: Can't keep the Canadian dollar down

USD/CAD nears today's lows

It's a battle in USD/CAD.

The downgrade to the six biggest Canadian banks sent the pair 80 pips higher. It mostly recovered in Europe then jumped again at the start of North American trade.

But the flip side of the trade is that oil is at the best levels of the week.

Watch for stops on a break of the European low or yesterday's low.