USD/CAD saw a fall in the early hours, only to see a massive rebound in the later hours. The pair is highly sensitive to oil prices, and with the drama unfolding in the Persian Gulf - there is a lot of volatility.
CAD/JPY is a classic oil play. The Japanese have to import 100% of their oil, and Canada is a major exporter. Because of this, the pair tends to move in concert with the oil markets. Because of this - we think the breaking of the lows of Wednesday might be a decent selling opportunity.
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