AdrianRaymondFX

USDNOK and USDCAD show downside risk with oil pop

FX_IDC:USDNOK   US DOLLAR / NORWEGIAN KRONE
The Norweigan Krona and Canadian dollar             haven't benefited a whole lot from the sharp rise in oil             prices over the past couple of days. I suspect that this is due to traders' prudent stance ahead of important macro data later this week. Given that USDNOK             prices are currently hanging below their annual highs, there is clearly room for a NOK             rally over the short term. This will likely happen with USD weakness if US data during the second half of the week disappoints.
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