Oil rebound sends USD/CAD back down to a test of yesterday’s lows

Crude rallies to $49.40 from $48.05
The volatility in oil is the main driver of the Canadian dollar today. Oil took a hard hit midway through European trading but has slowly recovered and is at the best levels of the day. The $1.35 bounce from the lows has led to a 70-pip reversal in USD/CAD.