Most analysts see oil reaching a significant top at 50 dollars’ per barrel as renewed supply pressures push it back down again, however, analysts at Bank of America Merill Lynch (BofAML) see it going higher - and with it the Canadian dollar, given the currency’s historically close kinship with crude

The dollar has recovered against CAD recently as Fed rate hike expectations revived and wildfires in Alberta as well as poor data hit its counterpart

“The downtrend channel that has been dragging USD/CAD lower over the past three months has been broken.”
Hantec Market's Richard Perry