The Canadian Dollar had an incredible week. Ahead of the 173rd OPEC meeting in Vienna, it spent the first three days tracking an ever-lower oil price. There are usually some hints and rumours and leaks about production cutbacks but as none of these were forthcoming, NYMEX crude fell from $58.85 all the way down to $57.30. The CAD was sold heavily and USD/CAD reached 1.29 for the first time in 5 months. From 1600GMT on Thursday afternoon, oil rallied 75 cents and by the New York open on Friday was back up at $58.75. This alone was offering some support the CAD, but then came a stunning Canadian labour market report. Consensus expectations were for an increase in November employment of around 10,000. Instead, a total of 79,500 jobs were added, pushing average earnings up from 2.4% y/y to 2.7%. By the end of the North American session, with the US Dollar in retreat on the Trump/Flynn story, USD/CAD had suffered its biggest daily drop in 21 months. The pair crashed from 1.2900 to close at 1.2684 with the CAD surging against every currency. AUD/CAD fell a full cent to 0.9650 whilst NZD/CAD fell 80 pips to 0.8745.