USD/CAD is hovering near 3 month lows in early trading on Monday amid surging oil prices and narrower spreads between U.S. and Canadian bond yields. Crude oil prices have been boosted by OPEC-led supply cuts and U.S. sanctions against Venezuela. NYMEX Crude oil futures rallied to their highest level since late November in early Monday trading. The U.S. Labor Department reported on Friday thatnonfarm payrolls rose by a whopping 304,000. Analysts had forecast a rise of only 170,000. However, December’s gain of 312,000 was revised substantially lower to 222,000. Meanwhile, the U.S. unemployment rate ticked higher to 4 ... (full story)