USD/CAD is near the best levels of the day as it quickly turns around. A big part of that is oil recovering to unchanged from a $1 loss.

But it’s the same story in AUD and NZD as they rebound from the lows.

The divergence in markets is remarkable right now. Coming out of the financial crisis there was a long time when all correlations were stuck at 1. Now, there’s a great rift opening up between tech and commodities, which is another way of saying no inflation (and low rates) versus reflation.