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CAD and NOK Enjoy Oil Price Recovery

FOREX
  • With crude futures retracing the majority of Monday's sell-off, the Canadian Dollar and Norwegian Krone were the clear outperformers on Wednesday.
  • After taking out the overnight lows through 1.2675, USDCAD saw steady supply throughout US hours, with little to halt the CAD ascent. 1.2526 marked the low before a small bounce but USDCAD remains 1% lower for the session. CADJPY enjoyed a 1.5% rally, continuing the bounce from the 85.43 April lows matched on Monday.
  • In similar vein, NOK enjoyed a strong reversal higher (EURNOK -1.24%) after reaching near 7-month lows during Monday's oil price rout.
  • Overall greenback weakness helped favour NZD and GBP, both rising roughly 0.7%.
  • Firmer risk sentiment left the Japanese Yen trading with a heavy tone for a second consecutive session. USDJPY rose back above 110 and eyes key resistance at 110.70, Jul 14 high in order to maintain technical bearish conditions.
  • EURUSD held a relatively narrow 50 pip trading range as futures volumes indicated limited interest in the pair despite rising back to the 1.18 mark. Markets await tomorrow's July ECB monetary policy statement and accompanying press conference.
  • With President Lagarde taking the spotlight, US jobless claims and consumer confidence data are unlikely to move the dial, while in the UK, MPC member Broadbent may deliver remarks at a BOE hosted event.
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