Five-day oil rally ends and USD/CAD cracks.
The commodity currencies are lagging today and the Canadian dollar is especially soft in North American trading as oil prices fall for the first time in six sessions.
Technically, USD/CAD found a base ahead of the February and March lows. It has retraced to around the mid-point of the range over the past two months.
Next week is the January Canadian GDP report and it could be a soft one. The BOC has been warning about an especially soft start to the year so that could drive USD/CAD higher. However, the dominant factors for USDCAD at the moment are general US dollar moves and oil.