US Crude oil futures settle at $53.90. Up 1.69% but USDCAD rallies

Up $0.93, or 1.69%

US Crude oil futures settles at $56.09 for a gain of $0.93 or 1.69%. The low extended to $53.03. The high reached $54.10.

Typically, when the price of oil rises, the CAD will rises with it. Today, the USDCAD rallied higher (CAD fell). The USDCAD is trading at the highest level since November 14 (high reached 1.3587). It is currently trading at 1.3573. The 50% retracement of the move down from the Jan high comes in at 1.35746. This should be resistance for the pair but anything goes in the last week of trading.