The drop in prices shouldn’t have come as a big shock, even if prices did fall to the lowest since Dec 2008. The Canadian dollar is seeing some love as it heads towards support at 1.2500. We’re likely to see some of that around the 1.2510 area first.
USD/CAD H1 chart 03 02 2015
Further support comes just under the big figure at 1.2475.
I spoke about the link between commodity countries and a similar move is also being seen in AUD/USD. The yen is being sold off as the euro and pound carry on rising and USD/JPY is going up too. It looks like a good old fashioned risk on move.