FXstreet.com (Barcelona) - The USD/CAD is currently correcting slightly to the upside near the 1.0414 level after the pair hit a low not seen since Oct. 20 of 1.0351 earlier in today's European session.

The CAD has gained almost 400 pips on the USD over the past two weeks driven by increasing oil prices which are peeking over the $81.00/barrel and flirting with last year's high.