Crude oil futures are dipping by more than 5% on Wednesday, the decline matches losses seen in late May. WTI futures have recorded losses above 5.0% during four sessions so far this year
The decline in crude prices trimmed YTD gains to only +5.3%
We have seen the correlation between currencies and energy strengthen in recent weeks. As we would have expected, NOK and CAD have followed energy lower
The Canadian dollar reached the lowest level since March at 1.3780 to the dollar on Wednesday, however, it now has pared some losses
Given its exposure to energy and the deterioration of its terms of trade, the euro is looking relieved by the pullback in crude
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