Reuters: Oil edged up on Wednesday, lifted by reports of Saudi supply cuts to Asia, but prices were prevented from rising further over a lack of detail of these reductions and because of signs of rising supplies from other producers. Traders said that the price rises were a result of reports that Saudi Arabia, the world's top oil exporter, was telling some Asian customers that it will curb crude supplies slightly from contracted volumes in February, although Reuters was not able to confirm any details of the reductions.
Once again, the move below 1.3200 in USDCAD proved to be limited in overnight trading, with the overnight fall in oil prices also helping. Although oil prices have since rebounded, market focus is on the Trump press conference later in the day and USDCAD is currently seen near the day/s high of 1.3254. The pair remains one of the best candidates for a medium term long and still an obvious buy on dips, even at current prices. A move back above 1.3500 should be only a matter of time, especially with the 2017 projected rise in oil prices failing to materialize thus far.