Oil has taken 75.00…next stop 77.87…! 
USDCAD…below 1.0200 next stop.
Next big question is how many days until USD/CAD hits parity 
Goldman’s says USD/CAD reaches parity within 3 months. I say 2 max (even that may be a lot of time ).
Dollar to Slide to $1.55 Versus Euro, Goldman Says (Update1) - Bloomberg.com
Oil has taken 77.87.
Oil has taken 78.21.
Next stop 80.00…!
USDCAD…did a yoyo today…1.0200 - 1.0360 and is on it’s way back down south.
That all depends on the amount of FIAT being pumped into USDCAD and [B]if[/B] that FIAT remains there or get switched into Oil.
FIAT didn’t stay in CAD last friday. Before the move in Oil CAD got sold for two hours.
Oil has taken 80.00…! :eek:
That’s an important psychological mark.
If Oil goes higher we could see 100.00 by the end of the year…!!! :eek::eek:
This is all getting out of hand.
USDCAD parity is a real possibility.
A little off topic, but found this interesting considering rising oil prices. CNOOC is interested in buying oil leases in the Gulf of Mexico from StatOilHydro Cnooc Is in Talks With StatoilHydro for Leases in the U.S. Gulf of Mexico - WSJ.com
Will be interesting to see reaction from the US public considering the failed Unocal bid a couple of years ago.
Is the BoC messin’ with the CAD…? 
Or where does this 180 pips “turnaround” come from…?
I see this as a result of three things.
- Bank of Canada statement this morning outlining their expectations for interest rates:
[I]Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target.[/I]
-
Oil dropping
-
US equities dropping
Shaking out everyone overly short the dollar. Possible retrace for re-entry into a short position as long as we don’t see a move above 1.0650ish
Jason, we have seen 200 pips by now. :eek:
Either you’re right with shaking out everyone overly short the USD or we will see a huge rise in the price of Oil later on and/or tomorrow.
In the last couple of days USDCAD bounced anywhere between 50 - 120 pips before Oil took another leg up and USDCAD went south again. But nothing like what we are seeing today.
My USDCAD CCI indicator is in overdrive…
How about this USD/CAD roller coaster.
Tomorrow’s CAD retail sales will be important if the CAD plans to gain some momentum along with oil prices going up. I continue to be amazed by the rise in oil and equities, but going along for the ride.
What do you think, oil going to $85 next?
I think Oil topped @81.72 for now. Oil is overbought. To much speculative money has gone into Oil, Gold and Equities. That bubble will burst very soon IMO.
USD/CAD approaching a critical level. Downtrend is stil in tact as long as we don’t breach the 1.0750ish level.
BOC Gov. Carney was speaking today about interest rates Wrong to have looked for early Canada hike -Carney | Currencies | Reuters didn’t help CAD either.
If Oil holds 77.77 -77.61 support area USDCAD shouldn’t breach that 1.0750ish level.
I’m looking for a retest of 72-74 in oil so that doesn’t look good for usd/cad
Above support area did hold.
Tomorrow is “Oil numbers day” like every Wednesday.
USDCAD will move [B]before[/B] 
Oil inventory numbers get released.
Last night…GMT…Saudia Arabia announced to drop NYMEX WTI Oil Futures Contracts.
Because of this FX Street has issued a FOREX Market Alert for USDCAD and AUDUSD flows.
You’ll find it here…
AUD/USD, USD/CAD Flows - FT: Saudis drop WTI oil contract; Argus Sour Crude from Jan
77.46 minor support in Oil is still valid. That suggests another swing. Similar to the one we saw yesterday and today. Oil staying above 80.00 is a bit over the top @present.
Canadian “120 pips GDP rocket” news shot straight through 1.08 in USDCAD pair. UC & Oil Correlation is a bit out of whack for now but I reckon coming Sunday/Monday asian session will take care of that. I don’t see USDCAD’s 1.0750 area staying support for that long.
Quiet on the CAD economic data front until Thursday. The markets in general seem to be highly volatile recently without much trading sense…which is probably a good time to be on the sidelines. Very erratic day to day in the stock market also.
USDCAD is back to “pre 120 pips GDP rocket” S&R levels. it took 24 hours longer than I thought but UC got there eventually.
In fact it’s back to the pip…1.0650.