🛢 Long-Term CAD, Crude Oil Relationship Breakup

• CAD spot trades below 1.30 on Friday session or up 0.90%. Crude oil is up circa 4% and tests $110.0/bbl

• On a one-day basis, the crude oil/CAD relationship seems to be back. However, we've seen crude rallying for weeks while the CAD fails to catch up with the crude oil contract

• The 25-day correlation sits at 0.4, down from 0.77 back in December. So far, the relationship seems to have loosened strength since the beginning of 2022