Canada supplies the US with 38% of its oil
, then Saudi Arabia at 11%. A short-term hike (probably 12 days or so) in oil
prices will give a boost to Canada's bottom line, essentially placing more demand on Canadian dollars. This demand gives strength to the Canadian dollar
. That strength pushes down the USDCAD
I'm neutral on this until the tropical storms are over and the market corrects back to normal levels.