USD/CAD hit a session high of 1.3034 as US jobs impressed and the Canadian report disappointed but that move has been completely reversed and now the pair is testing the Asian low of 1.2955. The pair has struggled to stay above 1.30 since May.
The US dollar has broadly retraced the jobs move on all fronts (ex yen) as the market mood shifts but the loone reversal has been particularly stark, in large part due to the gains in oil. Crude rallied as high as $105.14 from $101.80 in the past hour. It's since pared that to $103.50 in volatile trade.
The oil trade has been a rollercoaster this week starting with the July 5 plunge. This latest move topped out (so far) at the 61.8% retacement of that decline.
