Oil sharply down on the highs seen Friday, with WTI shedding $2.5 from the $41.20 peak seen. This has seen USD/CAD turn higher again, and after extending the recent lows to 1.2919, we are now in the upper 1.3000’s and threatening a move through 1.3100 and onto the highs from Thursday. This could open up a move back to 1.3300, but only if the risk mood deteriorates further – red across the board in equities this morning. Recent losses in AUD and NZD underline the negative commodities theme; this giving the USD some respite after last week’s FOMC surprise.
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