A 7% decline in oil prices hit Wall Street hard on N.Y. on Wednesday, though the FX market, perhaps more focused on the meltdowns elsewhere, were relatively calm. EUR-USD traversed a 1.0889 to 1.0936 trading range, as USD-JPY held above overnight one-year lows, basing at 116.20, before rallying to 116.70 highs. USD-CAD meanwhile, took a wild ride, falling from trend highs of 1.4689 to 1.4492 after the BoC left rates unchanged, before rallying back to 1.4647 highs as February WTI crude traded into $26.30 lows.
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