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.