🔁FX Correlations: USD/CAD, Crude Oil

**As seen in Macro Walk report 02/12/2022, subscribe at cablefxm.co.uk/reports

• Spot CAD has lost the track on Crude Oil futs, at least in the short term. This has led to the spread between these two assets falling to the widest since 2014, when crude traded above USD100/bbl. The 25-day correlation coefficient btw oil and CAD has dipped to 12%, down from 70% seen mid-December

• This month, Crude Oil futs trade higher circa 7%, this tracks a January rally of 17%. USD/CAD remains withing ranges, above 1.2650 and testing its 50DMA, on the downside the 100DMA stands at 1.2623