USD/CAD rising on weak oil and risk aversion
The commodity currencies are under pressure today, especially the Canadian dollar as oil spills to a session low. WTI crude is down $1.42 to $37.08 after touching as high as $38.77 in early trading.
Taking a look back at the longer-term chart, today's bounce in USD/CAD doesn't change anything in the downtrend that's been ongoing since late January.
On Friday despite a soft Canadian jobs report, USD/CAD fell below (and closed below) the mid-November lows.
Ultimately, what will drive the pair are oil and commodity prices, along with what's going on in the Canadian economy. Until there is a sign of a bigger turn in markets, or a break in the downtrend since January, there isn't a good case for buying and holding.