WTI crude falls below $48. USD/CAD rises above 1.35

Oil falls to lowest since May 15
The post-OPEC oil swoon is back on.
WTI crude is down $1.76 today, breaking just below $48.00 in the latest dip.
With the 3.5% drop in oil and today’s miss on Q1 GDP, it’s no surprise that USD/CAD is higher. The pair is up a half-cent to $1.3508 despite a broadly weaker US dollar. It would be the second consecutive day where the loonie is the G10 underperformer.