Crude oil had quite a ride this past week. Crude oil futures were falling for most of the week and then crude oil futures in New York and London went parabolic up 11%-12% on Friday.
We watched from a distance as crude was moving down and USD CAD exhibited signs of increased volatility as the week wore on. By Thursday as crude futures were rebounding we suspected a move south was coming in USD CAD. USD CAD went down about 100 pips Friday as expected. At the end of trading Friday there was a slight correction and we expect further downside in the coming sessions.